NEW YORK: The S&P 500 and the Dow scaled record highs on Wednesday as hopes of a working COVID-19 vaccine and fresh economic stimulus before the end of the year lifted demand for economically sensitive energy and financial shares.

Seven of the 11 major S&P indexes were higher, with energy leading gains as crude prices climbed on hopes of a recovery in fuel demand. Oil majors Exxon Mobil Corp and Chevron Corp gained 1% in early trading.

Investors are banking on a long-awaited relief package to mitigate the economic damage from the Covid-19 pandemic that has led to millions of layoffs and overwhelmed the healthcare system.

Democratic Senator Joe Manchin said he expected Democrats and Republicans to work out most of the key details of the new aid package on Wednesday. On Wednesday, the S&P financials sector gained 0.3%, while industrial stocks added 0.2%.

By 10:08 a.m. ET, the Dow Jones Industrial Average was up 44.64 points, or 0.15%, at 30,218.56, the S&P 500 was up 4.49 points, or 0.12%, at 3,707.08, and the Nasdaq Composite was down 7.67 points, or 0.06 %, at 12,575.94.