The S&P 500 closed at its highest level ever Tuesday, capping a remarkable rebound fueled by unprecedented government stimulus and optimism among investors about the world’s ability to manage the coronavirus pandemic.

The benchmark U.S. stock index rose 0.2% to close at 3389.78, surpassing its prior record of 3386.15 from Feb. 19 and erasing a historic plunge during February and March that ended the longest-running bull market in history. The S&P 500 is now up 4.9% this year.

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