US stocks continue record-setting rally after snapping 6-day win streak
Reuters
- US stocks hit record highs on Wednesday after snapping a six-day win streak on Tuesday.
- President Biden signaled support for keeping income thresholds for $1,400 stimulus checks.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
US stocks hit record highs on Wednesday, extending their uptrend after snapping a six-day win streak on Tuesday.
President Biden continued to signal support for a swift passage of a $1.9 trillion stimulus bill, which would keep income levels unchanged for the expected $1,400 stimulus checks.
A continued decline in daily COVID-19 cases, coupled with an accelerated rollout of vaccines is brightening the prospect for a reopened economy, evidenced by the continued surge in oil prices.
Here's where US indexes stood after the 9:30 a.m. ET open on Wednesday:
- S&P 500: 3,927.61, up 0.42%
- Dow Jones industrial average: 31,478.20, up 0.33% (102.37 points)
- Nasdaq composite: 14,083.64, up 0.54%
Better than expected corporate earnings from Lyft and Twitter sparked a 13% and 10% surge in their stock prices, respectively.
The SPAC craze showed no sign of slowing down on Wednesday, with former NFL player Colin Kaepernick launching his own SPAC, seeking to raise $250 million to fund a $1 billion acquisition of a firm with a social purpose.
Electric truck developer Rivian, a rival to Tesla, is reportedly seeking an IPO this year, which could give it a valuation of at least $50 billion.
Cannabis stocks continued their surge higher on Wednesday as hopes for US legalization under a Biden administration continued.
Oil prices rose. West Texas Intermediate crude jumped as much as 0.09%, to $58.41 per barrel. Brent crude, oil's international benchmark, gained 0.28%, to $61.20 per barrel, at intraday highs.
Gold rose 0.83%, to $1,852.10 per ounce.
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