Major U.S. stock market indices opened to new record highs on Tuesday as investors wait for the Senate to approve a proposal to lift individual paychecks to Americans, which would increase liquidity in the market.
Shortly after the opening bell at 9:30 a.m. EDT (2:30 p.m. GMT), the Dow Jones hit $ 30,588 and the S&P 500 climbed to 3,754 points, while the Nasdaq climbed to $ 12,973 . All indices increased by more than 0.5% each.
With the risk of higher liquidity, the US dollar index once again fell below the critical threshold of $ 90, while gold rose 0.3% to around $ 1,878 per ounce .
The House of Representatives voted on Monday to increase COVID-19 stimulus payments to millions of unemployed Americans to $ 2,000 from $ 600, while it remains to be seen whether the proposal will find traction in the Republican-controlled Senate .
After President Donald Trump signed the $ 900 billion COVID-19 relief bill on Sunday, Senate Majority Leader Mitch McConnell applauded his decision “to spend billions of dollars in crucial relief from COVID-19 and in the hands of American families “in a tweet on Monday.
Trump on Tuesday reiterated his support for increasing individual payment checks, saying “$ 2,000 for our great people, not $ 600! They have suffered enough from the Chinese virus !!!” in a tweet before the market opens.
It remains to be seen whether McConnell and the Senate Republicans will support the incumbent president’s request or diverge with him and the Democrats.
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