Friday, May 24, 2024

US Stocks Hit All-Time Highs After Trump Signs COVID Relief Bill | News on the coronavirus pandemic

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U.S. investors are applauding the passage of the latest round of coronavirus relief, which has restored some of the optimism that drove global stocks to a record high this month.

U.S. stocks hit record highs after President Donald Trump backed away from previous threats and signed a coronavirus aid package.

The S&P 500 Index, the Dow Jones Industrial Average and the Nasdaq Composite hit all-time highs after Trump’s surprise approval of the combined $ 2.3 trillion Covid-19 relief and government funding program. The German DAX index also hit a record high. Treasuries dipped and the dollar strengthened.

Bitcoin fell back after a rally over the holidays that pushed it to exceed $ 28,000 for the first time.

U.S. investors applauded the U.S. aid package, restoring some of the optimism that drove global stocks to a record high this month even as the pandemic escalated. In approving the bill, Trump also demanded a vote in Congress to replace the $ 600 in direct stimulus payments with $ 2,000 – a non-binding demand that is unlikely to pass through both houses. Yet Goldman Sachs Group Inc. has updated its forecast for economic growth in the United States for the first quarter due to this measure.

“The new law is broad enough to make a significant difference for individuals,” said Dennis DeBusschere, head of portfolio strategy at Evercore ISI, in a note to clients. “Ignore the noise of ‘disappointing’ controls and focus on building a robust economic recovery in 2021, especially in the service sector.”

Alibaba Group Holding Ltd. fell in Hong Kong despite raising its share buyback program to $ 10 billion, amid lingering concern over China’s investigation into alleged monopoly practices. Over the weekend, regulators ordered the subsidiary Ant Group Co. to return to its roots as a payment service provider, a development that threatens to dampen its growth.

On the coronavirus front, more restrictions are being imposed to combat the spread of the new, more infectious strain. Indonesia has temporarily banned all foreigners from entering the country, while Taiwan will increase the quarantine period for flight crews to seven days. Meanwhile, the European Union launched a continent-wide vaccination campaign less than a week after eliminating a vaccine developed by Pfizer Inc. and BioNTech SE.

Elsewhere, the pound weakened after the UK struck a landmark Brexit trade deal with the European Union last week.

Here are some key upcoming events:

  • Pending home sales in the United States and data on the goods trade balance are due Wednesday.
  • The first figures for jobless claims in the United States are released on Thursday.
  • Most of the world’s stock markets are closed on Fridays for New Years Day.

Here are the main movements in the markets:


  • The S&P 500 Index rose 0.9% at 3:33 p.m. in New York.
  • The Stoxx Europe 600 index rose 0.7%.
  • The MSCI Asia Pacific index gained 0.1%.
  • The MSCI Emerging Market index fell 0.2%.


  • The Bloomberg Dollar Spot Index rose 0.1%.
  • The euro rose 0.1% to $ 1.2204.
  • The British pound fell 0.9% to $ 1.344.
  • The Japanese yen weakened 0.4% to 103.85 per dollar.


  • The yield on 10-year Treasuries rose less than a basis point to 0.93%.
  • Germany’s 10-year yield fell two basis points to -0.57%.
  • Britain’s 10-year yield was unchanged at 0.25%.

Basic products

  • West Texas Intermediate crude fell 1.2% to $ 47.65 a barrel.
  • Gold fell 0.5% to $ 1,873.76 an ounce.


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