US STOCKS-S&P 500, Dow at record levels on fiscal aid relief, vaccine optimism

  • Reuters
  • Stock Market News
US STOCKS-S&P 500, Dow at record levels on fiscal aid relief, vaccine optimism
Credit: © Reuters.

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* U.S. Senate to vote on $2,000 COVID-19 aid checks

* Boeing (NYSE: BA ) rises on first 737 MAX flight after safety ban

* Snapchat-owner Snap Inc (NYSE: SNAP ) jumps on price target raise

* Dow up 0.04%, S&P up 0.09%, Nasdaq down 0.10% (Updates to open)

By Devik Jain and Supriya R

Dec 29 (Reuters) - The S&P 500 and the Dow hovered at record levels in choppy trading on Tuesday as bets that fiscal aid will fuel a vaccine-led economic recovery boosted sentiment in the final days of the year.

The tech-heavy Nasdaq, however, retreated as investors locked in profit in some of the market leading names such as Apple Inc AAPL.O and Tesla Inc TSLA.O .

Wall Street's three main indexes opened at new highs for a second straight session after President Donald Trump signed a $2.3 trillion fiscal bill that restored jobless benefits to millions of Americans and averted a federal government shutdown.

While the Democratic-led U.S. House of Representatives approved a proposal to increase the COVID-19 payment checks to $2,000 from $600, it faces a tough path in the Republican-controlled Senate on Tuesday. stimulus package represents an economic bridge until full vaccination... It's a very good thing for the economy, for the people who are hurt and for the stock market," said Thomas Hayes, managing member at Great Hill Capital Llc in New York.

Meanwhile, more than 2 million Americans have been inoculated, helping investors overlook a surge in infections that topped 19 million, with California, a major U.S. virus hot spot, likely to extend strict stay-at-home orders. monetary as well as fiscal stimulus and positive vaccine data have helped the S&P 500 .SPX bounce back from a virus-led crash in March.

The benchmark index is looking at its best fourth-quarter performance since 2003 as investors returned to economically-sensitive stocks from the so called 'stay-at-home' plays on hopes of economic recovery.

After a recent rally on hopes of full economic reopening, financial .SPSY , energy .SPNY and industrials .SPLRCI posted the steepest losses among the S&P sectors.

At 10:40 a.m. ET, the Dow Jones Industrial Average .DJI rose 11.99 points, or 0.04%, to 30,415.96, the S&P 500 .SPX gained 3.26 points, or 0.09%, to 3,738.62 and the Nasdaq Composite .IXIC fell 12.94 points, or 0.10%, to 12,886.49.

The CBOE volatility index .VIX ticked higher after hitting a three-week low with trading volumes expected to be low in the holiday-shortened week.

Shares of planemaker Boeing Co BA.N added 1% as its 737 MAX plane resumed passenger flights in the United States for the first time after a 20-month safety ban was lifted last month. owner Snap Inc SNAP.N gained 8% after Goldman Sachs (NYSE: GS ) raised its price target on the stock on upbeat revenue growth prospects. issues outnumbered advancers by a 1.6-to-1 ratio on the NYSE and by a 2.6-to-1 ratio on the Nasdaq.

The S&P 500 posted 21 new 52-week highs and no new low, while the Nasdaq recorded 161 new highs and 22 new lows.

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