Markets cheer Trump’s $2.3 trillion coronavirus aid package

December 28, 2020
Markets cheer Trump’s $2.3 trillion coronavirus aid package

U.S. President Donald Trump signs a $2.3 trillion pandemic aid and spending package – prices of global shares surge during Monday, December 28 trading.

After he backed down from his earlier threat to block the aid package, Trump finally gave the green light for the relief package, allowing millions of Americans to continue receiving unemployment benefits and averting a federal government shutdown.

Following the President's move, the USA 500 rose 0.6% on the first trade day after the Christmas holiday. Earlier, Japan's Nikkei advanced 0.7%, and Chinese stocks also jumped, helped by robust industrial profit data.

On the European front, the STOXX index rose 0.9% in the first trading session after London and Brussels signed the Brexit trade deal. France’s CAC 40 index and Spain’s IBEX gained nearly 0.7% each in early Monday trading.

Oil also benefitted, with Brent crude rising 41 cents, or 0.8%, to $51.70 a barrel and reversing an earlier decline. U.S. West Texas Intermediate (WTI) crude added 44 cents, or 0.9%, to $48.67.

Sources: thestreet.com, reuters.com.

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