Dow ended higher and briefly hit a daily record on Monday trading stairs; Local March 8 or Tuesday the ninth of March as industrial and financial stocks strengthened as speculation increased the sharp rise in growth ahead of the inauguration of the $ 1.9 trillion fiscal aid expected this week. The Dow Jones Industrial Average closed up 0.97% at 31,802.44, and the S&P 500 fell 0.54% to 3,821.35, the Nasdaq Composite dropped 2.41% at 12,609.16. Apart from that, if this news makes you want to move to other more promising NASDAQ100 indexes, we recommend you visit http://www.volatility75.net/nas100brokers.html to hire Brokers who are experienced in dealing with the NAS100 stock indexes.
The US Senate passed a $ 1.9 trillion stimulus plan on Sunday, and the US House of Representatives will vote on the bill on Tuesday, with many expecting the law to be signed into law on March 14 to secure an unemployment assistance program, which ends in mid-March, is not closed.
The Senate plan includes an immediate cash payment of $ 1,400 per person for families earning less than $ 160,000 per year or individuals earning less than $ 80,000 per year.
US Treasury Secretary Janet Yellen stated that It is a law that will give Americans the help they need to get to the other side of the pandemic, and they expect the resources here to fuel a very strong economic recovery.
The backdrop of a firmer recovery supports cyclical stocks, which move in tandem with the economy. The basic materials, industrial and financial sectors moved up and were most recently driven by movements in the US 5-year bond yields.
The move-in bond interest rates continue to weigh on tech stocks, but some investors appear to be positioning for a rebound in the sector amid fading concerns that the rate mix will be irregular.
Wells Fargo (NYSE: WFC) stated that Their hopes for an improving economic outlook, coupled with strong fiscal stimulus, have the potential to inject short-term inflation concerns into fixed income markets. They hope that the long-term rate hikes will be regular.
Wells Fargo raised its 2021 S&P 500 Index earnings per share forecast to $ 190 from $ 175. They hope the upwardly revised GDP growth forecast will provide an immediate boost to corporate earnings.