Stock market shakes off a slump to reach more record highs

Stocks shook off a midday slump and powered higher in the afternoon, bringing major indexes to record highs and leaving the market with solid gains for the first week of the year. The S&P 500 added 0.5%. It rose 1.8% for the week. The Dow and Nasdaq also closed at record highs. Investors are hopeful that the Biden administration will move quickly to push through more badly needed support for American workers and businesses following his inauguration later this month. Treasury yields continued to rise as investors expect increased federal borrowing, more stimulus for the economy and the possibility of higher inflation.