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President Donald Trump signed the Covid-19 relief package into law.
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U.S. stocks were on the rise after President Donald Trump signed the Covid-19 relief package into law.
Dow Jones business average
futures are 150 points positive, or 0.5%, while
S&P 500
futures have gained 0.7%, and
Nasdaq Composite
futures have gone up 0.7%.
As far as Sunday afternoon, it was not yet clear whether Trump would sign the bill, which would allow small businesses to have money to recycle workers once vaccines are widely distributed and reopening states. Families enjoy incentive studies and unemployment benefits. The veto capability did not bother the stock market, which arose through these concerns, as it would seem that veto would have overtaken Congress.
Economically sensitive stocks were moving. Bank stocks rose, as interest rates rose, which benefited the bank’s profits.
Bank of America
(BAC) rose more than 1%. Oil stocks rose, with the
SPDR Assets Select Power Division
(XLE) up more than 1%. Airlines were up a lot too, with
United Airlines
(UAL) up more than 1.5%.
Elsewhere, the European Union has now begun vaccinating 450 million people, another step on the path to vaccination and reopening the world.
WTI crude oil futures rose 0.9% to $ 48.65 a barrel, while gold futures fell 0.1% to 1,881 when investors bought risky assets. 10-year treasury yield rose to 0.96% U.S. Dollar Index (DXY) slipped less than 0.1%.
It will be a very quiet week on Wall Street, as markets will be closed on Friday January 1. Big economic data is not due to be released until Wednesday, on which day investors will get a glimpse of upcoming home sales . Unemployed applications are expected first Thursday.
Markets have had a good year despite the damage done by the coronavirus, but uncertainty remains. In 2021, investors will struggle with vaccine circulation issues and their ability to gain a weaker dollar. And it is possible that much of the vaccine and incentive news has been brought into the market, with the S&P 500 up almost 14% for the year.
But those worries are for next year. We will get out of 2020 first.
Write to Jacob Sonenshine at [email protected]