A Wall Street sign is pictured in the rain outside the New York Stock Exchange in New York June 9, 2014. — Reuters pic
NEW YORK, Feb 8 — Wall Street stocks rose early today, extending last week’s rally on optimism about additional US stimulus spending and coronavirus vaccines. Investors are betting that President Joe Biden will succeed in enacting most of aspects of his US$1.9 trillion fiscal relief package, analysts said.
Over the weekend, Treasury Secretary Janet Yellen predicted the United States would get back to full employment next year if the package is enacted, and warned that hiring would lag if Congress does not come through.The broad-based S&P 500 gained 0.4 per cent to 3,902.89, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 13,919.47.
Major indices rose to all-time records last week as Biden’s plan advanced in Congress while Johnson & Johnson’s Covid-19 vaccine moved closer to approval.This week’s calendar includes earnings reports from General Motors and Disney and the latest consumer price index data. — AFP