The Sao Paulo stock market rose 1.7 percent Monday to close at a record high, reflecting traders' optimism over economic improvements and center-right President Michel Temer's growing chances of surviving a corruption scandal.

The Ibovespa index closed 74,319 points, beating a record held since 2008 of 73,516 points. On the year, the Sao Paulo index is up 23.4 percent.