Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wall Street Hits Record Highs at Open on Stimulus Bill Signing; Dow up 170 Pts

Stock MarketsDec 28, 2020 09:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened at record highs on Monday after President Donald Trump dropped his objections to signing into law the $900 billion stimulus package passed last week by Congress.

By 9:35 AM ET (1435 GMT), the Dow Jones Industrial Average was up 170 points, or 0.6%, at 30,370 points. The S&P 500 and the Nasdaq Composite were both up 0.7%. 

There remains a slim possibility of the stimulus package being augmented over the next two days. The Democrat-controlled House of Representatives is set to vote on a proposal by Trump to increase the direct payments to households foreseen in the bill to $2,000 from $600. The Republican-led Senate, which reconvenes on Tuesday, has so far not endorsed anything higher than what's in the bill. However, some Senators may wish to avoid any negative publicity from blocking the suggestion with barely a week to go until runoffs for two key Senate seats in Georgia, which will determine control of the upper chamber for the next two years.

Airline stocks were among the most visible winners from Trump's change of heart, which unlocked some $15 billion in extra aid for the industry: American Airlines (NASDAQ:AAL) stock rose 3.5%, while Delta Air Lines (NYSE:DAL) stock, Southwest Airlines (NYSE:LUV) stock and United Airlines (NASDAQ:UAL) stock all rose by between 1.4% and 1.6%.

Alibaba (NYSE:BABA) ADRs shrugged off the latest piece of negative news surrounding the company, rising 0.5% despite the central bank of China ordering big changes to the operating model of its financial services arm Ant Group. Alibaba's ADRs had fallen by over 13% on Thursday after Chinese antitrust regulators launched an investigation into suspected abusive practices by the e-commerce giant.  The People's Bank of China on Monday published a statement on its website that paved the way to curtailing its operations in wealth management and consumer credit and "rectify" irregularities in its insurance arm - the three divisions that make most of Ant Group's profit.

Elsewhere, the market shrugged off news from FedEx (NYSE:FDX) that it had completed the acquisition of ShopRunner, a move that should bolster its own Internet presence. FedEx stock was down by 0.4%. 

A more conspicuous underperformer was Zoom Video (NASDAQ:ZM), which fell over 4% to its lowest since early September against a backdrop of expectations that the rollout of vaccines will allow a return to normal life in 2021 and slow, if not reverse, the trend to virtual communications.  Another stock losing its froth was Moderna (NASDAQ:MRNA), which fell 3.7% to a one-month low.  While Moderna's vaccine has now been approved for emergency use in the U.S., its commercial potential may yet be limited by the availability of cheaper alternatives worldwide. U.K. regulators are expected to approve the AstraZeneca/Oxford University vaccine this week, while a vaccine developed by China's Sinopharm is also progressing through the regulatory approvals process worldwide.

 

Wall Street Hits Record Highs at Open on Stimulus Bill Signing; Dow up 170 Pts
 

Related Articles

Fedex Drops as Stephens Calls Shares 'Stuck'
Fedex Drops as Stephens Calls Shares 'Stuck' By Investing.com - Jun 16, 2021

By Christiana Sciaudone Investing.com -- FedEx Corporation (NYSE:FDX)is stuck. Shares dropped more than 1% after Stephens pointed out that despite strong results expected for...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (7)
Luis Angulo
Luis Angulo Dec 28, 2020 12:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It is criminal how much money the government is printing... Making all poor at the long run
Igor Tes
Igor Tes Dec 28, 2020 11:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
national debt rocket again, but who has personal interest is profiting. money flow outside the usa exactly like socialist country doing by stilling the money from own citizen.... our politicians is criminals. futures generations is doomed
Mitchel Pioneer
Mitchel Pioneer Dec 28, 2020 10:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Record fraud in the biggest investment joke in the world.
Kaveh Sun
Kaveh Sun Dec 28, 2020 10:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So many political posts here. D# dont know anything. The market is expecting Biden will pass another stimulus next year to bail out states.
Samui Lo
Samui Lo Dec 28, 2020 10:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The same bill that was not enough last week now breaks record highs, and in the meantime we went up on "Hope"of a bigger one. Lol we have reached peak euphoria. Meanwhile 7 mile queues at food banks.
Sebastian Lentini
Sebastian Lentini Dec 28, 2020 9:49AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump great manipulation
Ismael Cruz
Ismael Cruz Dec 28, 2020 9:49AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you people always have something to say. "damned if you do, damned if you don't"
mitra sanjel
mitra sanjel Dec 28, 2020 9:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Stock rocket
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email