Wall Street hits record highs as government shutdown winds down

Stocks hit fresh records Monday as Congress moved toward ending a three-day shutdown of the federal government.

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The Dow Jones Industrial Average gained 142 points to 26,214. The S&P 500 climbed 22 points to 2,832. The Nasdaq Composite rose 71 points to 7,408.

Traders reacted positively to news that the U.S. Senate voted to end a Democrat-led filibuster, setting up a vote to extend government funding through Feb. 8. The House is expected to approve the bill later on Monday.

With the shutdown in the rear-view mirror on Wall Street, traders put their focus back on corporate earnings.

“It makes sense for equity investors to brush aside the political shenanigans and focus instead on company fundamentals,” said Alexandra Coupe, associate director for PAAMCO.

This is a developing story. Check back for more.