Wall Street stocks rallied, with each of Wall Street’s main indexes closing at record levels as President Donald Trump’s signing of a long-awaited $2.3 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 U.S. 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.
The Dow Jones Industrial Average rose 204.1 points, or 0.68%, to 30,403.97, the S&P 500 gained 32.3 points, or 0.87%, to 3,735.36 and the Nasdaq Composite added 94.69 points, or 0.74%, to 12,899.42.