All three major Wall Street indexes hit record highs Monday morning at the opening bell.
The Dow Jones Industrial Average shot up 306 points, or 1 percent, surpassing 30,500 in the process, CNBC reports. Meanwhile, the S&P 500 and Nasdaq Composite rose 0.9 percent and 0.4 percent, respectively.
The increase comes after President Trump signed Congress' $900 billion bipartisan COVID-19 relief bill into law Sunday night after days of uncertainty. "Overnight, we got the stimulus deal completely out of the blue," Hani Redha, a multiasset portfolio manager at PineBridge Investments, told The Wall Street Journal. "It is a major support to bridge over this difficult winter period."
Despite Trump's implied veto threats, not everyone was so worried. Per CNBC, Tom Essaye, founder of the Sevens Report, wrote "all the bluster neither significantly changed" the outlook for stocks, as markets expected the bill to pass. With federal stimulus, Federal Open Market Committee stimulus, vaccine rollout, and "no double-dip recession," Essaye said he expects the medium and longer-term outlooks for stocks to remain "positive." Read more at The Wall Street Journal and CNBC.