Wall Street closed at record highs on Monday, as stimulus plans and the ongoing deployment of the coronavirus vaccine boosted investor confidence in the economic recovery from the pandemic recession.
Major US stock indexes rose, with S&P 500 and Dow indices on track for their longest winning streak since August 2020, with the S&P 500 and S&P 500 indexes at record highs.
As a “re-opening play,” small-cap stocks performed better than their larger counterparts.
In other words, “a reason to invest”
Six months to a year from now, the market expects the coronavirus issue to be resolved and the economy to reopen.” As a result, investors have more confidence and motivation to place trades… Robert Pavlik, a senior portfolio manager at Dakota Wealth in Connecticut’s Fairfield, says that some people are giving up on the stock market because of the fear of not participating, despite their concerns that the market is overvalued and overbought.
“The United States may return to full employment in 2022,” according to the statement.
Increases in oil prices helped energy stocks rise 4.2% on the back of supply cuts and expectations of a demand rebound spurred by stimulus measures.
According to US Treasury Secretary Janet Yellen, if Congress approves President Joe Biden’s $1.9 trillion fiscal aid package, the United States could return to full employment by 2022..
On Friday, lawmakers approved a budget outline that would allow them to push the package through Congress without Republican support, bringing it one step closer to passage.
At least 32,780,860 doses of vaccine have been administered in the United States so far, and new infections are on the decline, on average.
Energy stocks have seen the greatest percentage gains.
Six of the S&P 500’s 11 major sectors were green, with energy stocks leading the way. As of today, 294 of the S&P 500’s companies have submitted their fourth-quarter earnings reports, putting us halfway through the season. More than eight out of ten have exceeded expectations, according to global financial market data and infrastructure provider Refinitiv.”
Refinitiv estimates that fourth-quarter S&P earnings will rise by 2.4 percent year-over-year, a dramatic turnaround from the 10.3 percent annual decline seen in the first quarter.
After Tesla’s announcement, Bitcoin surges to a new record high.
After Tesla Inc. announced it had invested around $1.5 billion in the cryptocurrency and would begin accepting payment in Bitcoin for its cars and other products, Bitcoin reached a record high.
Tesla’s shares rose by 0.6%, while those of cryptocurrency miners Riot Blockchain and Marathon Patent Group rose by 33.0% and 35.1%, respectively.
(Reporting by Reuters;