Quantcast

Stocks Higher After Trump Signs $900B Aid Package

(Associated Press) Stocks began the final week of 2020 moderately higher after President Donald Trump signed a $900 billion economic aid package that helps reduce uncertainty amid the re-imposition of travel and business curbs in response to a new coronavirus variant.

The S&P 500 index was up 0.8% as of 11:35 a.m. Eastern. The Dow Jones Industrial Average rose 230 points, or 0.8 percent, to 30,429 and the Nasdaq composite was up 0.8 percent as well.

Trump signed the measure, which also includes money for other government functions through September, despite expressing frustration that $600 payments to the public weren’t bigger. His signature helped to clear away uncertainty as reinstated travel and business curbs threaten to weigh on global economic activity.

Companies that were hit the hardest by the pandemic — restaurants, airlines and the cruise industry — were among the biggest gainers in early trading. American Airlines was up 4%, Norwegian Cruise Lines rose 2.7% and Carnival gained more than 2%.

Trading is expected to be light this week, as most fund managers and investors have closed their books for the year. It will be another holiday-shortened week, with New Year’s Day on Friday.

European indexes were broadly higher, helped by more details about the European Union – United Kingdom trade deal as part of the U.K.’s exit from the trade bloc.

In Asia, the Shanghai Composite Index rose less than 0.1% to 3,397.29 while the Nikkei 225 in Tokyo added 0.7% to 26,854.03.

The Hang Seng in Hong Kong declined 0.3% to 26,314.63 after e-commerce giant Alibaba Group announced it was expanding a share buyback from $6 billion to $10 billion.

Alibaba shares declined 7% following last week’s announcement of an anti-monopoly investigation and the suspension of the stock market debut of Ant Group, an online finance platform in which Alibaba owns a 33% stake.

In energy markets, benchmark U.S. crude fell 23 cents to $48.00 per barrel in electronic trading on the New York Mercantile Exchange.

TRENDING NOW

Homeless Man Shoves Woman to Her Death in NYC Subway Station

(Associated Press) A woman was pushed to her death in front of a subway train at the Times Square station Saturday, police...

COVID Deaths and Cases Are Rising Again at US Nursing Homes

(Associated Press) COVID-19 infections are soaring again at U.S. nursing homes because of the omicron wave, and deaths are climbing too, leading...

Rioter Sentenced for Burning Down Minneapolis Pawn Shop, Killing Man Inside

(The Post Millennial) Black Lives Matter rioter Montez Terriel Lee Jr., of Rochester, New York, was sentenced Friday to 120 months in...

Rising Costs Add to Pandemic Pain for Small Businesses

(Associated Press) In just two weeks, the cost of pecans for the pies at Peggy Jean's Pies in Columbia, Missouri, has surged...

Thieves Raiding Rail Cargo Containers in Los Angeles

(Associated Press) Thieves have been raiding cargo containers aboard trains nearing downtown Los Angeles for months, taking packages belonging to people across...