Matt Haycox Daily

News for Business Owners, By Business Owners!

Strong start to the week for US stock market

US stocks started the week with a strong opening today, with the Dow Jones average up 0.8 percent 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 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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