U.S. markets and stock exchange traded funds rallied, with the S&P 500 at a record high, as investors waited for details on President Joe Biden’s infrastructure spending plans and looked to the new quarter.

On Wednesday, the Invesco QQQ Trust (NASDAQ: QQQ) was up 1.9%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) rose 0.1%, and iShares Core S&P 500 ETF (NYSEArca: IVV) was 0.8% higher.

Investors are now waiting on the particulars of a potential $3 trillion to $4 trillion spending package that will expand roads and bridges alongside investments in the electric vehicle market, Reuters reports.

The program “is needed because we have been through a huge economic shock,” Jane Shoemake, a portfolio manager at Janus Henderson Investors, told the Wall Street Journal. “We have got to rejuvenate these economies and we have got to get them moving again.”

The aggressive stimulus measures and vaccine rollouts in the U.S. have bolstered sentiment and the economic outlook, lifting stock benchmarks to near record highs.

“Today’s market is back to technology and away from the industrial economic reopening and certainly infrastructure stocks that were in focus yesterday,” Paul Nolte, portfolio manager at Kingsview Asset Management, told Reuters. “It’s very much a binary market – either technology or economic reopening trade – depending on the news of the day and that’s really been the theme over the last 3-4 weeks.”

Now, the markets are focused on the question of how Congress will react to the scale and scope of the infrastructure spending proposal, as well as how it will be funded.

“There is a recognition that this is going to have to be paid for at some point: tax rises are likely at some point,” Shoemake added.

Meanwhile, investors have been selling off government bonds in anticipation of higher inflation due.

“People have anticipated the growth story and anticipated what they think will be the inflationary consequence of the recovery and the fiscal stimulus,” Willem Sels, global chief investment officer at HSBC Private Bank, told the WSJ. “Now unfortunately, we just need to wait to see how high that inflation will peak, and we might be stuck in a volatile holding pattern until we get that data.”

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