Traders working the floor of the New York Stock Exchange on January 31, 2020 in New York, United States. — AFP picNEW YORK, March 8 — Wall Street stocks were mostly higher early today as optimism over congressional progress on a massive US fiscal package countered worries it could boost inflation.
US President Joe Biden has applauded Saturday’s narrow Senate passage of the US$1.9 trillion spending package, which is now back in the House of Representatives and likely heading towards enactment.The broad-based S&P 500 advanced 0.2 per cent to 3,850.57, while the tech-rich Nasdaq Composite Index fell 0.3 per cent to 12,883.11.
Biden’s bill will provide additional support for unemployed workers and low-income families, as well as up to US$1,400 stimulus checks to most Americans. The proposal has raised hopes about a strong economic recovery in the latter half of 2021, but has also sparked concerns about runaway inflation. Yields on US Treasury bonds have risen in recent weeks, amplifying worries of a dramatic shift in US monetary policy.Shares of retirement investment company Athene Holding jumped 7.9 per cent after reaching a deal under which Apollo will hold 76 per cent of the company, which will have a total equity value of US$11 billion. Apollo fell 2.4 per cent.
General Electric rose 2.0 per cent following reports it is near a deal to combine its jet-air leasing company with Ireland’s AerCap. GE declined to comment. — AFP