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Stocks rally to records as investors cheer aid
EconDec 29. 2020
By Syndication Washington Post, Bloomberg · Vildana Hajric
U.S. equities rallied to records after President Donald Trump backed away from earlier threats and signed a coronavirus aid package.
The S&P 500 Index, Dow Jones industrial average and Nasdaq Composite closed at all-time highs following Trump’s surprise approval of the combined $2.3 trillion covid-19 relief and government funding package. Germany’s DAX Index also rose to a record. Treasuries dipped and the dollar strengthened.
Bitcoin retreated after a rally over the holiday pushed it past $28,000 for the first time.
U.S. investors cheered the U.S. aid package, restoring some of the optimism that drove global stocks to a record this month even as the pandemic escalated. In approving the bill, Trump also demanded a vote in Congress to replace the $600 in direct stimulus payments with $2,000 — a nonbinding request that is unlikely to pass both chambers. Still, Goldman Sachs Group Inc. upgraded its first-quarter U.S. economic growth forecast because of the measure.
“The new law is large enough to make a significant difference for individuals,” Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said in a note to clients. “Ignore the noise about the ‘disappointing’ checks and focus on the setup for a robust economic recovery in 2021, particularly in the services sector.”
Alibaba Group Holding Ltd. tumbled in Hong Kong despite boosting its share buyback program to $10 billion, amid ongoing concern over China’s inquiry into alleged monopolistic practices. Regulators over the weekend ordered affiliate Ant Group Co. to return to its roots as a provider of payments services, a development that threatens to clip its growth.
On the coronavirus front, more restrictions are being imposed to fight the spread of the new, more infectious strain. Indonesia imposed a temporary ban on all foreigners from visiting the country, while Taiwan will increase the quarantine period for flight crews to seven days. Meanwhile, the European Union kicked off a continentwide vaccination campaign less than a week after clearing a shot developed by Pfizer Inc. and BioNTech SE.
Elsewhere, the pound weakened after the U.K. last week clinched a historic Brexit trade deal with the European Union.
These are the main moves in markets:
Stocks
– The S&P 500 Index rose 0.9% as of 4 p.m. EST.
– The Stoxx Europe 600 Index rose 0.7%.
– The MSCI Asia Pacific Index gained 0.1%.
– The MSCI Emerging Market Index slipped 0.2%.
Currencies
– The Bloomberg Dollar Spot Index rose 0.1%.
– The euro rose 0.1% to $1.2208.
– The British pound decreased 0.8% to $1.3449.
– The Japanese yen weakened 0.4% to 103.86 per dollar.
Bonds
– The yield on 10-year Treasuries increased less than one basis point to 0.93%.
– Germany’s 10-year yield declined two basis points to -0.57%.
– Britain’s 10-year yield was unchanged at 0.25%.
Commodities
– West Texas Intermediate crude fell 1.2% to $47.66 a barrel.
– Gold fell 0.5% to $1,873.58 an ounce.
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