Dow, S&P 500 close at record highs as stimulus optimism continues
- All three major indexes closed at record highs on Monday as investors remain optimistic for a robust stimulus package.
- Oil prices hit their highest level in over a year as an expected recovery in demand brightened a recently grim outlook for the industry.
- Bitcoin soared 16% to all-time-highs of $44,795.20 as Tesla invested in the cryptocurrency.
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All three major indexes closed at record highs on Monday as investors remain hopeful falling coronavirus cases and a robust stimulus package from the Biden administration will bolster the economic recovery in the coming months.
Seven-day rolling averages of new COVID-19 cases have fallen by 50% since January 12, while hospitalizations are below 90,000 for the first time since November, according to Nuveen.
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- S&P 500: 3,915.58, up 0.74%
- Dow Jones Industrial Average: 31,385.02, up 0.76% (236.78 points)
- Nasdaq composite: 13,987.64, up 0.95%
GameStop's recent stock surge highlights weak spots in the market, but the disruption won't derail a broader rally in 2021, according to a Goldman Sachs note. While the phenomenon revealed retail investors' ability to ignore valuations and prompted fresh regulatory oversight, the trend only targeted a handful of small caps, and healthy earnings signal strong performances to come in the market, said Goldman.Apple shares can jump higher from current levels if the tech giant makes its first step into the cryptocurrency market, RBC Capital Markets said Monday. Analyst Mitch Steves lifted RBC's price target for the iPhone maker to $171 from $154 in a note to clients, implying a 25% increase from Apple's Friday closing level.
Legendary investor and noted Bitcoin bull Bill Miller endorsed cryptocurrencies yet again on Monday. SEC filings revealed Miller set up his flagship fund, the Miller Opportunity Trust, to invest in Grayscale Bitcoin Trust to gain exposure to the cryptocurrency market.Read more: Bank of America says investors might start selling stocks and buying bonds sooner than expected. Here's when it could happen, and what to own for maximum income if yields keep rising. Bitcoin soared 16% to all-time-highs of $44,795.20 after documents filed with the SEC on Monday revealed that Tesla invested $1.5 billion in the popular cryptocurrency. Shares of Tesla jumped as much as 2%.
Oil prices hit their highest level in more than a year as tightening supply and an expected recovery in demand brightened a recently grim outlook for the industry.West Texas Intermediate crude jumped as much as 2%, to $57.99 per barrel. Brent crude, oil's international benchmark, gained 2.11%, to $60.60 per barrel, at intraday highs.
Gold rose 1.09%, to $1,832.70 per ounce.Read more: Credit Suisse says to buy these 16 'highest-conviction' stock picks that are set to outperform despite the market's contrarian view
- GST revenue collection for July rises by 33% with ₹1,16,393 crore
- Policy ignition: India's satellite navigation sector set for higher growth trajectory
- COVID-19 cases in Kerala are spiking due to good detection, better reporting and early easing of restrictions
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- Tokyo Olympics: India's Satish Kumar exits from quarter-finals in boxing after losing to Bakhodir Jalolov