Stocks jump to records as Trump signs off on coronavirus aid

Apple shares hit a new record

U.S. equity markets hit record highs Monday as traders returned to work from an extended holiday weekend that saw President Trump sign a COVID-19 relief bill.

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TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES30937.04-22.96-0.07%
SP500S&P 5003849.62-5.74-0.15%
I:COMPNASDAQ COMPOSITE INDEX13626.064934-9.93-0.07%

The Dow Jones Industrial Average was higher by 204 points, or 0.68%, while the S&P 500 and the Nasdaq Composite were up 0.87% and 0.74%, respectively.

Apple was a standout, hitting its own record high while being the S&P 500's most actively traded name.

TickerSecurityLastChangeChange %
AAPLAPPLE INC.143.16+0.24+0.17%

The sentiment for the broader market was driven by Trump signing a $900 billion COVID-19 aid package that includes a direct payment of up to $600 to most Americans, an additional $300 per week in unemployment benefits and Paycheck Protection Program funding.

Trump, who had threatened to veto the bill due to parts of it containing “wasteful and unnecessary spending,” called on Congress to at a later date increase the direct payment to $2,000. Votes are scheduled for later today.

Looking at stocks, U.S. air carriers were among the top performers as the beaten-down sector is set to receive relief from the package.

TickerSecurityLastChangeChange %
AALAMERICAN AIRLINES GROUP INC.15.53+0.10+0.65%
DALDELTA AIR LINES INC.39.32+0.42+1.08%
UALUNITED AIRLINES HLDG.41.25+0.87+2.15%

Financials, including J.P. Morgan and Bank of America, were also higher.

TickerSecurityLastChangeChange %
JPMJP MORGAN CHASE & CO.131.58-0.54-0.41%
BACBANK OF AMERICA CORP.30.94-0.22-0.71%

Elsewhere, MasterCard said holiday sales rose 3% year-over-year, fueled by a 49% increase in online spending as customers shopped from home amid the pandemic. Home furnishing sales grew 16% while apparel sales slumped 19%. Visa rose in tandem.

TickerSecurityLastChangeChange %
MAMASTERCARD INCORPORATED327.70-1.49-0.45%
VVISA INC.201.96+1.01+0.50%

Meanwhile, Alibaba announced a $10 billion buyback program after shares plunged 13% on Friday in response to Chinese regulators ramping up pressure on Ant Financial, the world’s largest financial technology company, which started as a payments service on the company’s e-commerce platform.

TickerSecurityLastChangeChange %
BABAALIBABA GROUP HOLDING LTD265.92+4.54+1.74%

In commodities, West Texas Intermediate crude oil slid 61 cents to $47.62 per barrel while gold fell $2.70 to $1,877.20 per ounce.

In Europe, Germany’s DAX 40 touched a record high, up 1.49%, in its first full day of trading since a Brexit deal was announced Thursday. France’s CAC 30, meanwhile, climbed 1.2% and Britain’s FTSE 225 was closed for the holiday.

Asian markets ended mixed with Hong Kong’s Hang Seng slipping 0.27% while China’s Shanghai Composite index edged up 0.02% and Japan’s Nikkei 225 added 0.74%.