NEW YORK – Wall Street stocks surged to fresh records yesterday as markets cheered the enactment of the latest economic relief package following the signing by President Donald Trump.
All three major indices ended at all-time highs, with the Dow Jones Industrial Average up 0.7% at 30,403.97.
The broad-based S&P 500 gained 0.9% to 3,735.36, while the tech-rich Nasdaq Composite Index advanced 0.7% to 12,899.42.
Trump backed down after slamming the bill and suggesting he might veto the measure, prompting a government shutdown.
The US$900 billion package includes US$600 direct payments to US taxpayers, extensions on unemployment benefits and a prolongation of an eviction moratorium.
The reversal ended the uncertainty for markets, which remained in a bullish posture in anticipation of better economic growth in 2021 following coronavirus vaccine approvals.
The latest vaccine nearing authorisation 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.
Shares of large tech companies had an especially good day, with Apple, Amazon, Facebook and Google parent Alphabet all winning more than 2%. – AFP, December 29, 2020
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