Wall Street Opens on Records

The New York Stock Exchange has
sets records from the opening Monday, thus saluting the
ratification by Donald Trump of a set of measures
budget of 2,300 billion dollars (1,880 billion
euros) which removes both the risk of a sudden stop
numerous social benefits and that of a closure of
federal administrations.
A few minutes after the start of trading, the Dow
Jones .DJI gained 155.36 points, or 0.51%, to 30,355.23, the
Standard & Poor’s 500 .SPX, larger, rose 0.65% to
3,727.24 and the Nasdaq Composite .IXIC takes 0.71% to 12,895.30.
All three have reached new all-time highs
in the first exchanges.
The markets thus welcome the unexpected turnaround in the
outgoing US president who, after refusing to ratify
the budget texts on which had been agreed
Republicans and Congressional Democrats, eventually initialed them
Sunday night.
This signature avoids, among others, to several million
Americans to be deprived of unemployment benefits from this
week and prolongs unemployment benefit aid
partial for many companies.
Among the companies concerned, the
airlines, whose prices are rising sharply:
United Airlines UAL.O gains 1.99%, American Airlines AAL.O
3.7% and Delta Air Lines DAL.N 1.68%.
On the downside, the Chinese giant’s Wall Street-listed share
of Alibaba 9988 online business, HK BABA.N gives up 1.64% after
Beijing’s opening of an antitrust investigation.

In New York, the S&P 500 started the day with a gain of 30 points, or 0.17%, to 3,727 points.

The Dow Jones rose 151 points (0.50%) to 30,351 points.

The Nasdaq rose 103 points, or 0.81%, to a total of 12,906 points.

The Toronto Stock Exchange was exceptionally closed on Monday, replacing “Boxing Day” which did not take place on December 26.

Less than a month before his departure from the White House, Donald Trump made a spectacular about-face on Sunday evening: the US president abruptly ratified, after days of resistance, the new $ 900 billion economic stimulus plan granting aid to households and small businesses.

The occupant of the White House also signed, in the wake, the federal state financing bill, which avoids the closure of public services on Tuesday.

This sudden turn of events is a turnaround for Mr. Trump, who created a political drama last Tuesday by threatening to veto this aid plan negotiated between Republicans and Democrats with the consent of his secretary to Economy and Finance.

But the expiration on Saturday at midnight of two federal assistance programs for 12 million people who lost their jobs because of the pandemic was a game-changer and forced the Republican billionaire to retreat.

Critics rocketed from all political stripes on Sunday, urging him to act as quickly as possible to avoid economic and social disaster

 

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