By Anneken Tappe, CNN Business

(CNN) -- The S&P 500 could finish Tuesday at a new record high -- its first since the pandemic hit and exceeding its all-time high from February. That would mean it took Wall Street less than five months to go from nadir to new record, and the 2020 bear market would be the shortest in history.

The magic closing number for the S&P 500 is 3,385.15. Monday's close was just 25 points, or about 0.7%, below that point. As of mid-morning Tuesday, the index remains below that number, but a lot can still happen in this trading session.

If all falls into place, the coronavirus bear market will have been the shortest ever at just 1.1 months, according to S&P Dow Jones Indices' Howard Silverblatt. It will almost certainly be the fastest recovery on record.

Although the index is on track for a record, it doesn't meet everyone's definition of a new bull market just yet. CFRA Research defines a bull market as a 20% rally off the prior low that doesn't get undercut within six months. The S&P is still just short of a bull market by that definition -- but it will very likely happen, unless there's a sudden market crash in the next few weeks.

Stocks fell into a bear market during the March pandemic selloff. A bear market is a 20% drop from the most recent highs. But, by April, the S&P 500 had already rebounded 20% off its lows, putting it on track for a new bull market and risking whiplash for investors.

The market has continued to rally since then, boosted by unprecedented fiscal and monetary stimulus as well as hopes for a rebound. The S&P 500 is now up 4% for the year.

Following a mixed open, stocks continue to trade in different directions. The S&P is up 0.3%, while the Dow climbed 1.1%, or some 320 points. The Nasdaq Composite, which last set a record high last Thursday, is down 0.5% mid-morning.

Late Monday, President Donald Trump said the White House was considering a capital gains tax cut, which is boosting morale on Wall Street.

Since congressional negotiations for the next stimulus package broke down last week, Trump signed executive orders over the weekend to boost unemployment benefits and ease payroll tax burdens for some Americans. The efficacy and legality of these actions remains a hotly debated topic in Washington.

Meanwhile, on the Covid-19 front, Russia has become the first country to register a vaccine against the virus. Though Russia's process has raised questions in the medical community, the step could boost hopes that a vaccine is not far off.

— CNN Business' Annalyn Kurtz contributed to this report.