By Liz Moyer
Investing.com -- Stocks roared ahead to another record high, with broad buying in value sectors such as energy and financials as investors cheered the prospects of stimulus and a recovery.
All three major indexes hit highs, led by energy on a bet the vaccine rollout will fuel a resurgence in business activity, and thus, a pick up in energy demand.
Tesla Inc (NASDAQ:TSLA) made a big splash on Monday by disclosing a $1.5 billion investment in bitcoin.
Democrats in Congress appear ready to move on President Joe Biden’s $1.9 trillion stimulus plan, even without bi-partisan agreement. A deal could get done in the next few weeks, and checks could go out to qualified households soon after that.
The Senate will also be busy with the second trial of former President Donald Trump, which starts on Tuesday.
This is another week of earnings as the season winds its way to an end, including reports from Twitter and Cisco.
Here are three things that could affect markets tomorrow:
1. Big tech earnings
We get reports from Twitter and Cisco after the closing bell. Twitter Inc (NYSE:TWTR) is expected to report earnings per share of 29 cents on revenue $1.18 billion. Analysts might also be listening for any comments on how removing Trump from the platform affected user numbers.
Cisco Systems Inc (NASDAQ:CSCO) is expected to report EPS of 75 cents on revenue of $11.9 billion.
2. Bitcoin soars to record
Bitcoin (BitfinexUSD) is at $43,215 after Tesla revealed a $1.5 billion investment in the cryptocurrency and added it would allow people to buy its cars using bitcoin at some point in the near future.
Whether bitcoin can continue its big gains of the last few months may depend on the progress of the recovery. Some of the trade in the alternative space has been in place of other traditional stores of value like Gold Futures, which has languished around $1,800 after hitting a high above $2000 last August.
3. Impeachment trial -- distraction from Covid relief?
The Senate begins the second trial of the twice-impeached now former President Trump on Tuesday. His lawyers are arguing that he did not call on people to commit violence and that the case should be dismissed.
The House has charged Trump with inciting the riot at Capitol Hill last month, which resulted in five deaths. The trial comes as lawmakers are trying to get through a Covid-19 relief package, and could prove a distraction to that effort depending on how long it plays out.