Stock futures rally as $1.9T coronavirus relief plan barrels ahead

FAN Editor

U.S. equity markets hit record highs Monday morning as investors look ahead to the prospect that President Biden’s $1.9 trillion COVID-19 relief package sails through Congress.

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Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31318.68 +170.44 +0.55%
SP500 S&P 500 3903.33 +16.50 +0.42%
I:COMP NASDAQ COMPOSITE INDEX 13924.341883 +68.05 +0.49%

Both chambers of Congress on Friday adopted a resolution that would allow Democrats to use budget reconciliation rules to pass the plan with a simple majority rather than the 60 votes that are normally required. Biden, over the weekend, conceded that a $15 minimum wage likely wouldn’t be included in the final bill.

The Dow Jones Industrial was trading up 134 points, or 0.43%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite gained 0.48% and 0.58%, respectively. The early advance has all three of the major averages trading at record highs with the Dow and the S&P on track for a sixth straight day of gains.


In stocks, GameStop Corp. shares continued higher for a second consecutive day after Robinhood Markets Inc. lifted trading restrictions on the videogame maker and other heavily shorted stocks. GameStop shares surged 19% Friday after plunging 84% over the four previous sessions.

Meanwhile, Tesla Inc. invested $1.5 billion in bitcoin and said it would begin accepting the cryptocurrency for car purchases in the near future, subject to applicable laws and initially on a limited basis.

Shares of South Korea’s Hyundai Motor Co. tumbled after the automaker said it is no longer in talks with Apple Inc. about teaming up to make the Apple Car. Hyundai affiliate Kia Corp., which was also reported to be included in talks, was also trading sharply lower.

In earnings, Hasbro Inc. reported revenue rose 20% from a year ago as the COVID-19 pandemic resulted in strong demand for board games during its holiday quarter.

In commodities, West Texas Intermediate crude oil climbed 73 cents to $57.58 per barrel as Brent crude oil edged up 76 cents to $60.10 per barrel, the highest level in nearly a year. Meanwhile, silver gained 55.1 cents to $27.57 per ounce.


Overseas markets rallied across the board.

Britain’s FTSE 100 was trading up 1.04% while France’s CAC 40 and Germany’s DAX 30 gained 0.87% and 0.5%, respectively.

In Asia, Hong Kong’s Hang Seng index edged up 0.11%, China’s Shanghai Composite advanced 1.03% and Japan’s Nikkei 225 climbed 2.12%.

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