US stocks close at record highs as markets cheer $900 billion stimulus

trader, NYSE
  • US stocks closed at record highs on Monday as investors cheered a $900 billion stimulus package signed by President Trump on Sunday.
  • The new round of stimulus includes $600 sitmulus checks, expanded unemployment benefits, and more funds for the Paycheck Protection Program.
  • The House of Representatives will vote on a measure Monday night to increase the size of the checks to $2,000 from $600, which Trump has advocated for in recent days.
  • Watch major indexes update live here.

US stocks closed at all-time-highs on Monday as investors welcomed a new round of fiscal stimulus worth $900 billion.

The bill was signed by President Trump on Sunday, and included $600 stimulus checks, expanded unemployment benefits, and more funds for the Paycheck Protection Program for small businesses.

The House of Representatives will vote on a measure Monday night to increase the size of the checks to $2,000 from $600, which Trump has advocated for 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?”

Here’s where US indexes stood after the 4:00 p.m. ET close on Monday:

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

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

Goldman Sachs upgraded its Q1 2021 GDP growth forecast to 5% from 3% due to President Trump signing the new round of stimulus into law. Goldman believes the stimulus checks will help boost dispoable income in 2021.

Nikola soared 16% after JPMorgan said it expects a “less drama-filled” year for the EV 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.

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