Key Brazil stock market index closes at all-time high

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Brazil's main stock market index has closed at an all-time high, an indication that investors feel the worst days of the country's economic slide are over.

Sao Paulo's Bovespa index rose 1.7 percent to 74,319 on Monday. The previous record of 73,516 came May 20, 2008, when Brazil's economy was booming.

So far this year, Bovespa has climbed 23.4 percent despite political turmoil surrounding unpopular President Michel Temer and his key allies.

Bovespa's rise was fueled in part by Temer getting Congress to approve a loosening of work rules and his surviving a corruption allegation that could have suspended him from office.

Stock prices also were boosted when former left-of-center President Luiz Inacio Lula da Silva was convicted of corruption and became less likely to run for office next year.