Wall Street Hits Record As Fiscal Aid Bill Signed© business-standard.com

Wall Street Hits Record As Fiscal Aid Bill Signed

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NEW YORK:U.S. stocks rose on Monday, with each of Wall Street’s main indexes touching record levels as President Donald Trump’s signing of a long-awaited $2.3 trillion pandemic aid bill increased optimism for an economic recovery.

In a sudden reversal late on Sunday, Trump backed down from his threat to block the hard-fought bill, restoring unemployment benefits to millions of Americans and averting a federal government shutdown.

“Stocks are riding the coattails of the additional stimulus program and that is for good reason,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis, Minnesota.