Jeremy Herron

The index climbed to record highs as investors grew increasingly confident global economic growth is accelerating.

A seventh straight day of gains marks the S&P 500's longest run since 2013.

Stocks added to records and Treasuries fell after the Fed chairwoman said growth may warrant higher interest rates.

Investors speculate the president and Republican-led Congress will deliver on pro-growth policies.

Investors focused on Trump’s comment that he’ll outline a “phenomenal” tax plan within weeks.

"This is the new normal -- politics could add more volatility to all financial assets," said Barbara Reinhard, head of asset allocation for multi-asset strategies at Voya Investment Management.

"Risk appetite is going to evaporate in the coming days. How long that risk-off will go remains the question," says William Hobbs, head of investment strategy at the wealth management unit of Barclays in London.

Turmoil returned to global markets as oil plunged and U.S. stocks sank to the lowest levels in 21 months, fueling a rush into haven assets.

U.S. Treasuries gained with emerging-market assets as futures traders held to bets that the Federal Reserve won’t raise interest rates this week amid ongoing financial- market volatility. Stocks struggled for direction after their biggest weekly advance since July.

U.S. stocks led a renewed rout in equities worldwide as concern that China’s slowing economy will hamper global growth roiled financial markets.

U.S. stocks climbed and European equities had the biggest four-day rally in three years on Greece’s bailout agreement, while the region’s bond markets signaled caution. Oil dropped as Irandeal loomed.