(Bloomberg) -- U.S. stocks rallied as investors grew optimistic that recent federal spending will revive growth and bolster corporate earnings. Treasuries were little changed while the dollar weakened.The Nasdaq 100 Index jumped 2% and the S&P 500 Index rose to an all-time high. The broader measure is poised for the best first-day reaction to an elected president’s inauguration since Jan. 20 became the official start in 1937. Netflix Inc. surged more than 13% after a jump in subscribers. Chipmaker ASML Holding NV rallied on solid results. Morgan Stanley gained after reporting record full-year results.Investors also kept an eye on Washington, where Joe Biden was sworn in as president and delivered a call for unity. On Tuesday, Janet Yellen promoted a $1.9 trillion Covid-19 relief proposal to lawmakers as she seeks confirmation as Treasury secretary.“The market is likely setting its sight more on the prospects of stimulus than anything else, born not just from Biden’s priorities but Yellen’s remarks on the Hill yesterday,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial.In Asia, Chinese firms trading in Hong Kong saw the bulk of gains, and the Hang Seng Index approached the 30,000 level. Alibaba Group Holding Ltd. rallied after billionaire Jack Ma resurfaced from months out of public view amid escalating scrutiny over his internet empire.Investors are counting on more spending to help propel economic growth under Biden, who is planning a flurry of executive orders on his first day. Still, it won’t be all smooth sailing, with Yellen encountering early Republican resistance to Biden’s relief plan in her confirmation hearing to become Treasury secretary.Yellen -- who could be confirmed as soon as Thursday -- said that help for the unemployed and small businesses would provide the “biggest bang for the buck.” She urged lawmakers to act in efforts to rescue an economy battered by the coronavirus. She also said the U.S. is prepared to take on China’s “abusive” trade and economic practices, and that the Biden administration won’t pursue a weak dollar.On the virus front, Germany suffered record daily deaths and a study on the South African variant raised concern about the efficacy of vaccines.Elsewhere, crude oil edged higher and gold traded touched an almost two-week high.These are some key events coming up:Policy decisions are due Wednesday from central banks in Brazil and Canada. The Bank of Japan and the ECB deliver decisions Thursday.Here are the main moves in markets:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.