US stocks climb as $900 billion stimulus deal appears imminent
- US stocks gained on Thursday as a $900 billion fiscal stimulus deal appeared imminent.
- The stimulus deal is said to include direct payments for Americans, $300 billion for the Paycheck Protection Program, and a $300 weekly federal unemployment benefit.
- Watch major indexes update live here.
US stocks gained on Thursday and pushed toward record highs as a $900 billion fiscal stimulus bill to hasten the economic recovery from the COVID-19 pandemic appeared imminent.
The stimulus bill is said to include direct payments for Americans, $300 billion for the Paycheck Protection Program, and a $300 weekly federal unemployment benefit.
Senate Majority Leader Mitch McConnell was willing to back another round of direct payments after hearing that the issue was hurting the campaigns of Republican Sens. Kelly Loeffler and David Perdue, who are facing runoff elections on January 5, The New York Times reported.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:
- S&P 500: 3,716.04, up 0.4%
- Dow Jones industrial average: 30,267.12, up 0.4% (112 points)
- Nasdaq composite: 12,728.90, up 0.6%
Stocks aren't the only asset surging as the end of the year approaches. Bitcoin reached a record high on Thursday, to above $23,000, eclipsing its 2017 high of just under $20,000.
Bitcoin is now up more than 200% year-to-date. One well-known asset manager thinks the cryptocurrency could hit six digits.
Roku soared on Thursday after the streaming platform said it struck a deal with WarnerMedia to support HBO Max.
Oil prices edged higher. West Texas Intermediate crude rose as much as 1.6%, to $48.59 per barrel. Brent crude, oil's international benchmark, jumped 1.6%, to $51.90 per barrel, at intraday highs.
Gold rose as much as 1.7%, to $1,896.26 per ounce.