US: Stock Market Closes at Record Levels

Published February 9th, 2021 - 07:45 GMT
US: Stock Market Closes at Record Levels
Treasury head said economy could return to full employment next year if Congress passes Biden's $1.9T relief plan. (Shutterstock)

US stock market indexes closed Monday at record levels with stimulus optimism amid a faster recovery in the world's largest economy.

The Dow Jones climbed to an all-time high of 31,386 points to close one point off that mark. The blue chip index is now on a six-day winning streak -- the longest since August.

The S&P 500 and the Nasdaq each ended at record levels of 3,908 and 13,987, respectively.

Oil majors were the largest gainers with ExxonMobil and ConocoPhillips gaining 4.3% and 5.3%, respectively, as prices rose around 2% in hopes of a recovery in the global economy and overall crude demand around the world.

Brent crude was at $60.7 per barrel, up 1.9% at 4.15 p.m. EDT (2115GMT) and American West Texas Intermediate at $58.1 with a 2.2% gain.

Treasury Secretary Janet Yellen said Sunday that the US economy could return to full employment next year if Congress passes President Joe Biden's $1.9 trillion relief plan.

Without any stimulus, the pandemic-hit economy would see high levels of unemployment for many years, she told CNN.

"We have people suffering,” she said. “We have to get them to the other side and make sure that this doesn’t take a permanent toll on their lives.”

While Republicans find the almost $2 trillion price too high, Biden indicated last week he could pass it without their support but said he prefers a bipartisan bill.

Although the unemployment rate fell by 0.4 percentage points from the previous month to 6.3% in January, there are still 10.1 million unemployed individuals, according to Department of Labor figures released Friday.

More than 22 million people in the US lost their jobs in March and April last year due to COVID-19.


© Copyright Andolu Ajansi

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