S&P 500 and Major indices Climb higher on Coronavirus Vaccine and Stimulus Package
Major indices are printing higher as Buyers build on last week's gains. Positive progress in coronavirus vaccine distribution and hopes of another round of stimulus package instill confidence in traders. They are expecting a faster normalization of the U.S. and global economy. Specifically, on Friday, the U.S. Senate squeezed through the stimulus package blueprint that will allow Democrats, who control the House of Representatives, to push the legislation in weeks ahead, even without Republican support.
Positive progress in coronavirus containment and hopes of Joe Biden's administration passing a mammoth $1.9 trillion as economic stimulus is propellingU.S. major indices to new levels. Analysts agree that a more considerable fiscal relief will accelerate economic recovery and boost the labor market. Janet Yellen also stated that the U.S. would return to full employment, subject to the economy receiving more financial support. Accordingly, the passing of the stimulus package's blueprint last week injected further momentum into the stock market.
Impact on the Stock Market and Indices:
Bullish. Economic recovery depends on the record stimulus package's approval that jumped over the first hoop last week and the coronavirus vaccine administration rate. If the former is passed by March and the U.S. distributes and administers more vaccines, major indices will rip higher, building on last week's gains.
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