Wall Street
Wall Street continues record high spree as Biden pushes forth with US stimulus
New York/Sputnik: Wall Street continued its record setting spree in all three major US stock indexes hit all-time highs for a second day in a row as the Biden administration pushed to have its $1.9 trillion coronavirus stimulus approved by Congress with or without bipartisan support.
The S&P 500, a barometer for the top 500 US stocks, settled up 0.7 percent at 3,916 on Monday, after a record high at 3,894. The S&P 500 gained 4.7 percent last week.
The tech-heavy Nasdaq index, which includes sector giants such as Facebook, Apple, Amazon, Netflix and Google, closed up 0.8 percent at 13,988, after an all-time high at 13,898. Nasdaq ended last week up 6 percent.
The Dow Jones Industrial Average, the broadest gauge of the New York Stock Exchange, closed up 0.8 percent at 31,386. The Dow gained 3.9 percent last week.
“US stocks are feeling super as Wall Street remains confident Biden’s stimulus plan will be big and is coming shortly and as COVID cases continue to trend lower,” said Ed Moya, senior market strategist at New York-based online broker OANDA Capital.
Biden and his Democratic allies in Congress have cleared the path for their $1.9 trillion COVID-19 relief package as lawmakers approved a budget outline that will allow them to muscle the plan through without Republican support. Treasury Secretary Janet Yellen, meanwhile, said on Sunday that she expected the United States to revert to full employment by next yer if Congress approved the stimulus package.
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