U.S. Stocks in Record Territory after Trump Signs Relief Bill
Wall Street stocks rose to record territory early Monday after President Donald Trump signed a $900 billion economic relief package that removed the risk of a government shutdown.
About 25 minutes into trading, the Dow Jones Industrial Average was at 30,408.45, up 0.7 percent.
The broad-based S&P 500 gained 0.7 percent to 3,728.66, while the tech-rich Nasdaq advanced 0.6 percent to 12,886.44.
Trump's announcement that he signed the package -- which includes $600 direct payments to U.S. taxpayers, extensions on unemployment benefits and a prolongation of an eviction moratorium -- came just days after he lambasted the package and hinted at a veto.
The reversal ended the uncertainty for markets, which remain in a bullish posture in anticipation of better economic growth in 2021 following coronavirus vaccine approvals.
The latest vaccine nearing authorization is from Oxford-AstraZeneca, with British media reporting over the weekend that it is expected to be cleared for use on January 4.
The period between Christmas and New Years is also known as a historically strong season for equities, sometimes yielding a run dubbed "The Santa Claus" rally.
Source: Agence France Presse
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