NEW YORK, Dec 28 — Wall Street stocks rose to record territory early today after President Donald Trump signed a US$900 billion (RM3.6 trillion) economic relief package that removed the risk of a government shutdown.
About 25 minutes into trading, the Dow Jones Industrial Average was at 30,408.45, up 0.7 per cent.
The broad-based S&P 500 gained 0.7 per cent to 3,728.66, while the tech-rich Nasdaq advanced 0.6 per cent to 12,886.44.
Trump’s announcement that he signed the package — which includes US$600 direct payments to US taxpayers, extensions on unemployment benefits and a prolongation of an eviction moratorium — came just days after he lambasted the package and hinted at a veto.
The reversal ended the uncertainty for markets, which remain in a bullish posture in anticipation of better economic growth in 2021 following coronavirus vaccine approvals.
The latest vaccine nearing authorization is from Oxford-AstraZeneca, with British media reporting over the weekend that it is expected to be cleared for use on January 4.
The period between Christmas and New Years is also known as a historically strong season for equities, sometimes yielding a run dubbed “The Santa Claus” rally. — AFP
