U.S. Senate Majority Leader Mitch McConnell will speak at a press conference with another Senate Republican at the U.S. Capitol in Washington, DC, on December 15, 2020.
Tom Brenner | AFP | Getty Images
Stock times in overnight trading rose on Sunday as Congress failed to seal a coronavirus stimulus contract before a closing date.
The Dow Jones industrial average earned 100 points. S&P 500 futures went up slightly and Nasdaq 100 futures climbed 0.2%. At Monday’s opening, Tesla enters the S&P 500 with a 1.69% index weight, the fifth largest.
Senate Majority Leader Mitch McConnell said lawmakers had reached an agreement on a $ 900 billion aid package, which would provide direct payments and jobless support to struggling Americans. This news came after negotiators resolved a key catch point by restoring the Federal Reserve’s emergency lending powers.
To avoid a government shutdown that would begin at 12:01 am ET Monday, Congress is trying to agree a one-day spending measure on Sunday. Lawyers will then vote on the relief and funding bill on Monday.
Large averages have recently gone up to record high levels amid hopes towards new coronavirus stimulation as well as vaccine rollout. Moderna is delivering the first batch of vaccine doses after receiving FDA approval for emergency use. At the same time, the vaccines with Pfizer and BioNTech are being distributed to the country ‘s frontline healthcare workers.
“In the eyes of stocks, the invaluable vaccination process, which is just beginning, is more powerful than the current trends in cases and locks, and will prevent markets from going too deep down. a source of pandemic despair, “Adam Crisafulli, founder of Vital Knowledge, said in a note on Sunday.
“Recall, all three pillars of the rally are still in place: vaccines, strong physical employment, and strong incentives,” he said.
With just two trading weeks left in 2020, the S&P 500 is up 14.8% for the year, while the Dow 30-stock is up 5.8%. The Nasdaq Composite has collected 42.2% this year as investors favored high-growth technology companies.
On Friday, the Fed announced that it will allow the country’s major banks to repurchase shares in the first quarter of 2021 subject to specific rules.
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