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Strong Start to the Week for US Stock Market
The US stock market started the week with a strong opening today, with the Dow Jones average up 0.8 per cent to 26,645.78 points after 30 minutes of trading.
The S&P 500 and the Nasdaq Composite Index were also up as the market awaited US jobs data and seemed unconcerned about a stalemate in Washington on pandemic relief measures.
AFP reported that a partisan fight in Washington has thrown into doubt the prospects for extending $600 per week supplemental unemployment benefits, a key element of economic support since March that has now expired.
It said that Briefing.com analyst Patrick O’Hare said the aggressive actions from the Federal Reserve have helped offset worries about a weakening economy due to the coronavirus and other concerns.
“The stock market has remained quick to buy on weakness, and, in many cases, buy on the momentum of a winning trade,” O’Hare said, according to AFP.
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