American stocks rose to record levels on Thursday as lawmakers closed deals to extend a new financial lifeline for businesses and individuals who could support the economy through the most devastating phase of the coronavirus epidemic.
In early trading all three major stock benchmarks hit hit highs intraday. The Dow Jones Industrial Average added more than 160 points immediately after the opening bell, reaching a height of about 30324 before fading slightly with a rise of 118 points. The S&P 500 added 0.4%. The Nasdaq Composite also rose, up 0.5%.
Congress leaders closed Wednesday on a nearly 900 900 billion coronavirus relief deal that includes a second round of direct payments to households. After months of gridlock, the agreement filling agreement presents a vaccine at the critical time of the epidemic, in which the vaccine is being distributed, but in the hospitalized records.
Investors largely believe that a new dose of stimulus is needed to boost the economy by the end of winter and that a comprehensive vaccination virus is likely to be brought under control by 2021. Rising cases are affecting consumer sentiment, weighing on retail sales and there are new business restrictions in some states.
“Excitement is key,” said Mary Nicola, portfolio manager at Pinebridge Investments.
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