US stocks rose on Tuesday, putting the pace of major indices in another round of records as investors focus on the potential for more fiscal stimulus and the deployment of coronavirus vaccines.
The S&P 500 gained 0.3%, while the Dow Jones Industrial Average added 0.3%, about 100 points. The Nasdaq Composite, which has had a lot of technology, advanced 0.4%. All three indicators closed on Friday with records, ahead of the three-day weekend in the US
Investors in recent days have been encouraged by expectations that a new round of stimulus spending and continued support from the Federal Reserve will foster economic recovery. House Democrats are preparing to put together a legislative version of President Biden’s $ 1.9 trillion coronavirus relief proposal this week.
Sentiment has also been bolstered by the deployment of vaccines and falling rates of Covid-19 infection in many countries.
“The fiscal stimulus package looks like it will be on the bigger side,” said Seema Shah, chief strategist at Principal Global Advisors. “The backdrop, if anything, has really improved. He just confirmed what everyone was expecting. ”