U.S. markets and stock exchange traded funds pushed to new records after President Donald Trump signed the new coronavirus relief package and bill, alleviating concerns of a wide government shutdown and adding to bets of an economic recovery.

On Monday, the Invesco QQQ Trust (NASDAQ: QQQ) was up 0.3%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) was up 0.1% and iShares Core S&P 500 ETF (NYSEArca: IVV) rose 0.2%.

Trump backed down from threats of blocking the bill, restoring benefits to millions of Americans and preventing a federal government shutdown, Reuters reports.

“The passage of the stimulus bill is erasing some fears and investors are relieved that there is help out there,” Peter Cardillo, chief market economist at Spartan Capital Securities, told Reuters.

“Overnight, we got the stimulus deal completely out of the blue. Economically speaking, it is a major support to bridge over this difficult winter period,” Hani Redha, a multiasset portfolio manager at PineBridge Investments, told the Wall Street Journal. “The market is going to still be in a constructive mood.”

Nevertheless, traders are still wary of rising Covid-19 cases across the U.S., despite the rollout of a vaccine. Additionally, mixed economic data and an upcoming U.S. Senate runoffs in Georgia are lingering uncertainties.

Democrats in the U.S. Congress were back on Monday to push forward a vote for higher pandemic relief payments for Americans, with a $2,000 stimulus check, but it appeared unlikely to pass through the Republican-controlled Senate.

The United Kingdom and the European Union also concluded a post-Brexit trade deal while the launch of mass coronavirus vaccinations across Europe further added to the positive sentiment.

“Every day that is going by, we are removing uncertainties more than we’re adding them,” Redha added.

For more news, information, and strategy, visit the Innovative ETFs Channel.