The main Wall Street indices traded at record levels on Monday, with President Donald Trump’s signature on a $ 2.3 trillion pandemic aid project that reinforced bets on an economic recovery.
In a sudden reversal on Sunday night, Trump stepped back from his threat to block the much-disputed bill, restoring unemployment insurance for millions of Americans and preventing the federal government from shutting down.
“The approval of the stimulus project is erasing some fears and investors are relieved with the help available,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
The shares of airlines and cruise operators increased between 3% and 5%, with technology and consumer services companies showing the biggest gains.
After a sharp recovery from a coronavirus crash in March, the S&P 500 is on track to rise more than 15 percent this year due to loose monetary policy, high liquidity and a Covid-19 vaccine program.
However, the short-term prospects for the actions remain clouded by concerns about the resurgence of the coronavirus pandemic, mixed economic data and the upcoming US Senate election in Georgia.
At noon, the Dow Jones Industrial Average rose about 237 points to 30,437. The S&P gained about 0.85% and the Nasdaq Composite rose 0.76%.
On Monday, Congressional Democrats will vote on a proposal for increased pandemic aid payments for Americans, although it seems unlikely to gain traction in the Republican-controlled Senate.
“We are going to hold a registered vote on our stand-alone project to increase the economic impact payments to $ 2,000. To vote against this project is to deny the financial difficulties that families face and to deny them the relief they need,” Pelosi said in a statement. communicated Previous Week.