The Dow closed at a record high on Wednesday

Analysts suggest that the big day in the stock market was due in part to the House of Representatives on Wednesday approving the $1.9 trillion coronavirus relief package, which will now head to President Biden.

Updated: March 10, 2021 - 6:48pm

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The Dow Jones Industrial Average closed at a record high of 32,297.02 on Wednesday after gaining 464.28 points.

The House of Representatives on Wednesday approved the $1.9 trillion coronavirus relief package, which will now head to President Biden who will sign it on Friday.

CNBC reported that the Dow "soared more than 400 points to a record after falling bond yields and a new stimulus package spurred investors to snap up stocks that will benefit from a faster recovery from the pandemic."