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US equity markets looking to build on Monday's record Wall Street gains
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U.S. equity futures Tuesday are adding to Monday's record gains on Wall Street as investors have gained confidence with the rollouts of coronavirus vaccinations they hope will pave the way for a return to normal activity in coming months and buoyed after President Donald Trump signed a $900 billion economic aid package.
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Trading is thinning as tumultuous 2020 draws to a close. But after nosediving in March as the pandemic took hold, share prices have more than recovered, helped by massive infusions of central bank cash and ultra-low interest rates, which make shares potentially more lucrative than other investments.
On Monday, the S&P 500 climbed 0.9% to 3,735.36, powered by gains in technology, communication services and consumer discretionary stocks. Companies that were hit the hardest by the pandemic, including restaurants, airlines and cruise operators, were among the biggest gainers.
STOCKS JUMP TO RECORDS AS TRUMP SIGNS OFF ON CORONAVIRUS AID
The broad rally came as investors welcomed the decision by President Donald Trump to sign a $900 billion coronavirus economic aid package despite his complaints that $600 payments for most individuals were too low. The package also includes $1.4 trillion to fund government agencies, averting a federal government shutdown that otherwise would have started Tuesday.
Wall Street set fresh records on Monday after Trump opted not to veto the bill, helping to staunch uncertainty as governments reimpose pandemic-fighting travel and business curbs weighing on global economic activity.