US stocks close at record highs as markets cheer $900 billion stimulus
- US stocks closed at record highs on Monday as investors cheered a $900 billion stimulus package that President Donald Trump signed on Sunday.
- The package includes $600 stimulus checks, expanded unemployment benefits, and more funding for the Paycheck Protection Program.
- 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.
- Watch major indexes update live here.
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?"
Here's where US indexes stood after the 4 p.m. ET close on Monday:
- S&P 500: 3,735.36, up 0.87%
- Dow Jones industrial average: 30,403.97, up 0.68% (204.10 points)
- Nasdaq composite: 12,899.42, up 0.74%
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.