US Market climbs to new record highs

The US stocks continued upward journey on Monday, 08 February 2021, sending the major stock indexes to all-time closing highs, as investors risk sentiments underpinned amid likelihood of additional U.S. fiscal stimulus, slowdown in the spread of the coronavirus in different parts of the world, and accelerated vaccine rollout efforts.

At the close of trade, the Dow Jones Industrial Average index advanced 237.52 points, or 0.76%, to 31,385.76. The S&P 500 index increased 28.76 points, or 0.74%, to 3,915.59. The tech-heavy Nasdaq Composite Index added 131.35 points, or 0.95%, to 13,987.64.

The markets continued to benefit from the hope that the Biden administration will pass a large stimulus package to support the economic recovery. US Treasury Secretary Janet Yellen pushed for Congress to pass a $1.9 trillion stimulus package in a Sunday interview. If we don't provide additional support, the unemployment rate is going to stay elevated for years to come.

Ten of the 11 major sectors in the S&P 500 ended the session in positive territory, with energy stocks enjoying the largest percentage gain. Utilities were the sole losers.

Bitcoin touched a record high after Tesla Inc announced it had invested around $1.5 billion in the cryptocurrency and would begin accepting payment in Bitcoin for its cars and other products. Tesla shares gained 1.3%, while cryptocurrency miners Riot Blockchain and Marathon Patent Group surged 40.2% and 42.4%, respectively.

Powered by Capital Market - Live News