Dow, S&P 500 close at record highs as stimulus-fueled optimism continues

Dow, S&P 500 close at record highs as stimulus-fueled optimism continues

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Dow, S&P 500 close at record highs as stimulus-fueled optimism continues
Traders work on the floor at the opening bell of the Dow Industrial Average on the New York Stock Exchange on March 18, 2020 in New York.

Bryan R. Smith / AFP / Getty Images

  • US stocks gained at the close, with the Dow reaching a record high close, with investors applauding the approval of the stimulus package.
  • A strategist said retail investors could buy a record $ 3 billion in US stocks when receiving stimulus checks.
  • Airline shares gained after the TSA revealed that air travel reached its highest level in almost a year.
  • Sign up here to receive our daily newsletter, 10 things before the opening bell.

US stocks gained at the close with Dow reaching a record close, as investors remained optimistic about economic growth after President Biden signed the $ 1.9 trillion stimulus program last week.

Retail investors could buy a record $ 3 billion worth of U.S. stock in a single day when receiving their $ 1,400 stimulus checks from the U.S. government, according to Viraj Patel, global macro strategist at Vanda Research. This could happen on Wednesday or Thursday, when most Americans will start to see $ 1,400 deposited in their bank accounts.

This is the position of the US indices after 4 pm on Monday:

Shares in major airlines, including American Airlines, United, Delta and Southwest, rose on Monday with optimism about a recovery in sight travel, after the Transportation Security Administration revealed that air travel had reached its highest level. in almost a year.

AMC’s stock soared 29%, extending this year’s impressive run as the movie network will reopen cinemas in California.

Penn National Gaming jumped to a record high of $ 142 per share on Monday, with investors celebrating its inclusion in the S&P 500 next week. The Barstool Sports stakeholder has gained nearly 3,000% in the last year.

Short sellers tripled downward bets against SPACs to $ 2.7 billion from $ 724 million in early 2021, according to data from S3 Partners amid fears that the blank check frenzy has gone too far.

Bitcoin retreated to around $ 56,500 on Monday, after rising above $ 61,000 over the weekend. One report said that India could fine anyone in the country for possessing such digital assets.

Oil prices have fallen. West Texas Intermediate crude fell 0.38% to $ 65.36 a barrel. Brent crude, an international benchmark for oil, fell 0.5% to $ 68.88 a barrel.

Gold jumped 0.6% to $ 1,730.30 an ounce.

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