US stocks finish at record highs on $900 billion stimulus

Published On: December 29, 2020Categories: Stocks & Shares1.2 min read

The stimulus bill includes more unemployment benefits and funding for the Paycheck Protection Program

US stocks closed at record highs on Monday as investors welcomed a $900 billion round of fiscal stimulus.

The bill, which President Donald Trump signed on Sunday, includes $600 stimulus checks, expanded unemployment benefits, and more funding for the Paycheck Protection Program for small businesses.

The House of Representatives is set to vote on Monday night on a measure to increase the size of the checks to $2,000, which Trump has advocated in recent days.

Senate Minority Leader Chuck Schumer tweeted on Sunday: The House will pass a bill to give Americans $2,000 checks. Then I will move to pass it in the Senate. No Democrats will object. Will Senate Republicans?

AstraZeneca’s COVID-19 vaccine is on the verge of receiving an emergency use authorization in the UK, according to The Telegraph. The rollout of its vaccine could begin in the country in the first week of 2021.

AstraZeneca’s CEO said in an interview with The Sunday Times that its vaccine could reach 95% efficacy, on par with vaccines from Pfizer and Moderna. Shares of AstraZeneca jumped as much as 6% in Monday trades.

Goldman Sachs upgraded its first-quarter GDP-growth forecast to 5% from 3% after Trump signed the stimulus bill into law. Goldman said the stimulus checks would help boost disposable income in 2021.

Nikola soared 16% after JPMorgan said it expected a “less drama-filled” year for the electric-vehicle company in 2021.

Oil prices edged lower. West Texas Intermediate crude fell as much as 1.16%, to $46.67 per barrel. Brent crude, oil’s international benchmark, fell 0.76%, to $50.90 per barrel, at intraday lows.

Gold fell as much as 0.3%, to $1,877.50 per ounce.

About the Author: Jonathan Adams

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