Signs of economic recovery give markets momentum
Another volatile week for United States stocks saw key Wall Street market indexes ending on a positive note amid signs that inflation is under control, employment numbers are picking up and economies are gradually showing signs of recovery, helped by massive fiscal stimulus and acceleration of Covid-19 vaccine roll-outs. Even technology stocks, which have suffered several weeks of turbulence, saw a rebound towards the end of last week. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.
Wall Street climbs to record as fiscal aid bill signed
NEW YORK (REUTERS) - US stocks rallied on Monday (Dec 28), with each of Wall Street's main indexes closing at record levels as President Donald Trump's signing of a long-awaited US$2.3 trillion (S$3.06 trillion) pandemic aid bill increased optimism for an economic recovery. In a sudden reversal late on Sunday, Trump backed down from his threat to block the hard-fought bill, restoring unemployment benefits to millions of Americans and averting a federal government shutdown. "It's a positive tone to the US market and part of that is the signing of stimulus package by Trump, which appeared to be in doubt but is finally been accomplished," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "We still have a follow-on to the Christmas rally and the favorable market we've had for a while here," he added. Unofficially, the Dow Jones Industrial Average rose 207.58 points, or 0.69 per cent, to 30,407.45, the S&P 500 gained 32.34 points, or 0.87 per cent, to 3,735.4 and the Nasdaq Composite added 94.69 points, or 0.74 per cent, to 12,899.42. Stocks battered by coronavirus lockdowns, such as airlines and cruise lines, advanced. The S&P 1500 airlines index gained a...