On Monday, all three key indices of Wall St. rounded off the day in an upbeat tenure, climbing to their all-time closing highs, as departing US President Donald Trump had finally signed off a $2.3 trillion fiscal package bill late on Sunday which in effect had converted the bill in to a law that had been passed in the US Congress later last week, raising hopes of an earlier-than-anticipated economic recovery.
In point of fact, over the Christmas holidays, Trump had repeatedly refused to sign off the bill urging for a one-off $2,000 stimulus check instead $600 passed in the US Congress, surprising many including some of his closest allies in the White House likes of US Treasury Secretary Steven Mnuchin who had backed the deal.
Nonetheless, in an abrupt turn of event, as pressures were piling up over the US president to sign off the bill to avert a Government shutdown alongside to proffer a lifeline to millions of Americans who had been making ends meet over state unemployment benefits, Trump had backed down from his stance to block out the deal, eventually spurring up a cheerful note in the Wall Street.
Wall Street hits record closing highs as Trump signs off $2.3 trillion fiscal package
Citing statisitcs, in the day’s Wall Street closing bell, Dow winded down the session 0.68 per cent higher to 30,403.97 and S&P 500 surged 0.87 per cent to 3,735.36, while the tech-heavy Nasdaq soared 0.74 per cent to wind up the day at 12,899.42.
Meanwhile, addressing to a US money market which had been heavily priced on a $892 billion pandemic stimulus bill containing a one-off $600 in checks alongside an extended unemployment benefit, a Chief Investment Strategist at Inverness Counsel in New York, Tim Ghriskey said, “It’s a positive tone to the U.S.
market and part of that is the signing of stimulus package by Trump, which appeared to be in doubt but is finally been accomplished. We still have a follow-on to the Christmas rally and the favorable market we’ve had for a while here. ”