Stocks on Wall Street rose to new heights on Monday after President Donald Trump, in a sudden reversal , backed down from his threat to block the COVID aid bill and signed it, restoring unemployment benefits to millions of Americans and averting a federal government shutdown.

All three major Wall Street's major indexes closed at record levels.

Hilary Kramer of Kramer Capital says the rally is broad.

"It was very well received, that stimulus package, from the market, because we're seeing intraday highs on all of the major indexes. And when I look at the stocks that are moving today, and we look at the 52 week highs, there's so much breadth in the market. It's not in any way just focused on technology and cloud-based companies. We have TJMax, we have Ferrari hitting 52 week highs, Deere and when I see that Goldman Sachs, it shows that there's real buying going on."

Even stocks battered by coronavirus lockdowns, such as airlines and cruise lines, moved higher.

Royal Caribbean, Carnival and Norwegian Cruise all rose by at least 3% and airline stocks, such as American, gained as carriers are set to receive $15 billion in additional payroll assistance under the new government aid.

Tesla jumped after a report said the electric-car maker will start operations in India early next year.

While Lockheed Martin also edged up after the company said it delivered 123 F-35 jets in 2020, near the top end of its revised outlook.