The main US stock indices retreated from Monday's session highs by the close, but the S&P and Nasdaq still ended at record levels. Concerns over the timing and size of the fiscal stimulus have dampened optimism at the start of a week in which quarterly reports from market giants are expected.
Investor attention shifted to the US Senate, which is seeking to pass COVID-19 economic stimulus legislation before February 9, when former President Donald Trump's impeachment trial will begin in the chamber.
"The market loves money, whether it's fiscal or monetary (measures), and right now you have both. So if the stimulus plans lose support, it could be a problem, but they won't do that", he added.
After rising as much as 1.4% to an intraday record, the Nasdaq then lost most of its gains.
However, the S&P and Nasdaq did renew closing records thanks to late-session gains after President Joe Biden unveiled a plan to increase US domestic production through government procurement.