S&P 500 Surpasses 3700 for the First Time on Stimulus Bill Hopes

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The S&P 500 index on the New York stock market surpassed the 3700 mark for the first time ever. Renewed optimism over the stimulus bill negotiations lifted the market, which had been sluggish at the opening.

On the 8th (local time), the Dow Jones Industrial Average rose 104.09 points (0.35%) to close at 31,173.88, the S&P 500 index increased by 10.29 points (0.28%) to 3702.25, and the Nasdaq index gained 62.83 points (0.5%) to finish at 12,582.77.

The S&P 500 index closed above 3700 for the first time in history. The Dow reached an intraday record high, and the Nasdaq continued its record-breaking streak. Although the major indices showed weakness early in the session, they turned upward later.

Mitch McConnell, the Republican Senate Majority Leader, proposed an agreement by excluding the highly contentious local government aid and focusing on other issues, including the corporate liability protection clause he had emphasized, increasing the possibility of a deal.

This was interpreted as a move to step back from mutual demands to reach a negotiation.

However, the issue of direct cash payments, which was excluded from the $908 billion bipartisan stimulus package, has resurfaced. The Washington Post reported that President Donald Trump is demanding the Republican Party provide $2,000 per week in cash payments.

Progressive forces within the Democratic Party, including Senator Bernie Sanders, also officially called for including $1,200 cash payments on this day.

Direct cash payments to the public were not included in the $908 billion stimulus plan proposed by bipartisan lawmakers.

President-elect Joe Biden, while introducing his health team, promised to vaccinate 100 million people within his first 100 days in office and emphasized the need for prompt congressional funding support.

Tesla, which announced a $5 billion capital increase plan before the market opened, overcame early losses and succeeded in rising again. Tesla’s stock price closed up 1.27% at $649.88.

West Texas Intermediate (WTI) crude oil for January delivery fell 0.4% ($0.16) to close at $45.60 per barrel. February delivery gold rose 0.3% to close at $1866.76 per ounce.

This content was produced with the assistance of AI translation services.