Monday Stock Market Update
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite closed at all-time highs on Monday.
- The Dow Jones Industrial Average gained 204.10 or 0.7 percent, to close at 30,403.97.
- The S&P 500 gained 0.90 percent to close at 3,735.36.
- The Nasdaq Composite gained 0.70 percent to close at 12,899.42.
Stocks surged to record highs on Monday after President Donald Trump signed an economic relief bill.
“All the bluster neither significantly changed to outlook for stocks, as markets still expected (and ultimately received) stimulus of a minimum of $900 billion to pass,” wrote Tom Essaye, founder of The Sevens Report. “The five pillars of the rally (Federal stimulus, FOMC stimulus, vaccine rollout, divided government and no double dip-recession) re-main largely in place, and until that changes, the medium and longer-term outlook for stocks will be positive.”
“Equities seem poised to end the year on a high note, and I think for good reason,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “There’s additional government stimulus, which is providing some measure of economic stability; medical progress for Covid-19 continues to evolve; and the macro environment is favorable for stocks.”
On Tuesday keep an eye out for:
- S&P/Case-Shiller Home Price Indices (YoY)
- API Weekly Crude Oil Stock