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* Tesla invests $ 1.5 million in bitcoins; cryptographic actions jump
* Disney and Cisco are ahead of this week’s results
* Futures on the rise: Dow 0.45%, S&P 0.37%, Nasdaq 0.41% (Add comments, details; update prices)
Feb 8 (Reuters) – Wall Street’s major indices would hit all-time highs on Monday as investors risked a bet in the hope that a tax relief package would lead to a quick economic recovery.
Oil prices rose to a one-year high, raising Marathon Oil Corp., Schlumberger NV, Exxon Mobil Corp., Chevron Corp. and Western Petroleum Corp. by between 1% and 1.9%.
Last week, the S&P 500 and Nasdaq recorded their best weekly performance since the early November U.S. election, with optimistic gains and economic data.
Sentiment was also fueled by a comment from U.S. Treasury Secretary Janet Yellen on Sunday that if Congress approves the $ 1.9 trillion plan, the country would return to full employment next year.
On Friday, the U.S. Congress passed a budget plan that would allow a coronavirus relief bill in the coming weeks without Republican support.
“There’s a growing point of surpassing the $ 1.9 trillion stimulus than a lower number,” said Jim Besaw, GenTrust’s chief investment officer in Florida.
“There could be a potential setback after a stimulus package is downloaded: buy the rumor, come on.”
Advances in vaccination efforts and optimistic fourth-quarter earnings have helped investors dampen fears of a short-term decline in stocks due to high valuations and rising coronavirus infections.
Bitcoin rose more than 10% to a record high after Tesla Inc. said it had invested about $ 1.5 billion in cryptocurrency and would begin accepting payments in bitcoins for its cars and other products.
Shares of Tesla rose about 2%, while cryptocurrency miner Riot Blockchain and Marathon Patent Group rose more than 20% each.
At 08:33 am ET, the Dow E-minis were up 140 points (0.45%) and the S&P 500 E-minis (14.25 points or 0.37%). The Nasdaq 100 E-minis rose 56 points, 0.41%.
Walt Disney Co., Cisco Systems Inc. and General Motors Co. rose 1.6% to 2.8% ahead of their earnings reports this week.
S&P 500 companies were now on track to record earnings growth during the fourth quarter, compared to a previous decline forecast, according to Refinitiv IBES data.
Hasbro Inc. rose 2.2% after the toy maker earned analysts’ estimates of quarterly revenue from higher demand for its “Magic: The Gathering” board and collectible card games. (Report by Devik Jain, Shreyashi Sanyal and Medha Singh in Bengaluru; edited by Saumyadeb Chakrabarty and Arun Koyyur)