U.S. markets hit records after Trump signs COVID-19 relief bill

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20. Stocks were down Friday morning ahead of President Donald Trump's news conference on China. Photo by John Angelillo/UPI

Dec. 28 (UPI) — U.S. markets rose to records on Monday after President Donald Trump signed the long-awaited $900 billion COVID-19 relief bill.

The Dow Jones Industrial Average closed up 204.1 points, or 0.68%, and the Nasdaq Composite rose 0.74% both hitting intraday records at 30,525.56 and 12,930.83 respectively earlier in the day. The S&P 500 also rose 0.87% to an intraday high of 3,735.36.

Monday’s gains came after Trump on Sunday evening signed the coronavirus relief and government funding bill he previously panned as a “disgrace.”

The House was also holding a vote Monday to increase direct stimulus payments included in the relief package from $600 to $2,000.

“While the benefits of the relief bill won’t be reflected in December data that we will see next week, the direction of least resistance remains higher,” James Meyer, chief investment officer at Tower Bridge Advisors, said in a note.

Apple led the Dow higher rising 3.58%, while Disney gained 2.95% and Goldman Sachs increased 1.34%.

The S&P 500’s consumer discretionary, technology and communication services each rose 1% to lead the index higher.

Entering the final week of trading for 2020 the Nasdaq has soared 43.7% for the year as investors have favored tech throughout the pandemic, while the S&P 500 has risen 15.6% and the Dow has gained 6.6%.

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