/Stocks Jump as Trump Signs Covid Relief Bill

Stocks Jump as Trump Signs Covid Relief Bill

United States markets hit record highs after President Trump signed a new Covid relief bill Sunday night. The $900 million relief package includes stimulus checks to Americans, extended unemployment benefits, alongside Paycheck Protection Program funding. President Trump’s signature came as a shock to some after the president blasted the bill calling it a “disgrace” and pushing for a $2,000 stimulus check for Americans. U.S. air carrier stocks jumped after the legislation was signed, one of the sectors set to receive aid from the package.

The Dow Jones Industrial Average was higher by 170 points, or 0.56%, while the S&P 500 and the Nasdaq Composite were up 0.7% and 0.87%, respectively.

Elsewhere, MasterCard said holiday sales rose 3% year-over-year, fueled by a 49% increase in online spending as customers shopped from home amid the pandemic. Home furnishing sales grew 16% while apparel sales slumped 19%.

Meanwhile, Alibaba announced a $10 billion buyback program after shares plunged 13% on Friday in response to Chinese regulators ramping up pressure on Ant Financial, the world’s largest financial technology company, which started as a payments service on the company’s e-commerce platform.

In commodities, West Texas Intermediate crude oil slid 9 cents to $48.14 per barrel while gold climbed $11 to $1,894.20 per ounce.

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