The S&P 500 hit a record high moments after the open Wednesday, as hopes for a vaccine-linked economic recovery and more domestic fiscal stimulus sparked demand for economically sensitive stocks such as banks and industrials.

The S&P 500 opened higher by 3.73 points, or 0.10%, at 3,705.98, the Dow Jones Industrial Average rose 55.93 points, or 0.19%, at the open to 30,229.81, and the Nasdaq Composite gained 8.91 points, or 0.07%, to 12,591.69 at the opening bell.