Wall Road rises as a tax assist invoice signed by Reuters
© Reuters. FILE PHOTO: The Charging Bull or Wall Street Bull is pictured in the Manhattan neighborhood of New York City
By Chuck Mikolajczak
NEW YORK (Reuters) -US stocks rebounded Monday, and each of Wall Street’s major indexes closed at record levels as President Donald Trump’s signing of a long-awaited $ 2.3 trillion pandemic relief bill raised optimism for an economic one Recovery increased.
In a sudden reversal late Sunday, Trump stepped down from threats to block the highly competitive bill, restore unemployment benefits to millions of Americans and avert a shutdown of the federal government.
“It’s a positive tone for the US market and part of it is the signing of a stimulus package by Trump that seemed dubious but was finally achieved,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
“We still have a continuation of the Christmas rally and the cheap market we’ve had here for a while,” he added.
Unofficially, the value increased by 207.58 points or 0.69% to 30,407.45, the profit by 32.34 points or 0.87% to 3,735.4 and the additional value by 94.69 points or 0.74% 12,899.42.
Coronavirus lockdown-ridden stocks like airlines and cruise lines rose. The S&P 1500 Airlines Index, which was won as an airline, is slated to receive an additional $ 15 billion in payroll assistance under the new government aid.
Cruise company royal caribbean (NYSE 🙂 Cruises Ltd, Carnival (NYSE 🙂 Corp, and Norwegian Cruise Line (NYSE 🙂 Holdings Ltd each grew at least 3%
On an industry basis, earnings were cited in communications services, consumer discretionary and technology, each increasing by more than 1%.
After a strong rebound from a coronavirus crash in March, the S&P 500 is well on its way to more this year due to loose monetary policy and a COVID-19 vaccination program that has raised hopes for an improvement in the economic environment than 15% increase.
Despite the generally favorable conditions for stocks, concerns about a resurgence in coronavirus cases, impending U.S. Senate outflows in Georgia, and stretched valuations could become headwinds. The price / earnings ratio of the S&P is currently 22.2 and thus well above the long-term average of 15.3.
Trading volume is expected to be low in the last week of the year, which has historically been a seasonally strong period for stocks.
US Congress Democrats will be voting on a proposal for higher pandemic aid payments to Americans on Monday, though it is unlikely to gain a foothold in the Republican-controlled Senate.
The UK and the European Union signed a lean post-Brexit trade deal on Thursday, while a mass vaccination campaign for COVID-19 was launched in Europe over the weekend.
Tesla (NASDAQ 🙂 Inc announced that the electric car maker will start operations in India early next year.
Lockheed Martin Corp (NYSE 🙂 rose near the high end of its revised outlook after the fighter jet maker shipped 123 F-35 jets in 2020.