Global stocks get shot of adrenaline after deal that puts $2,000 into Americans' pockets
Even oil is inching higher as feel-good mood sweeps across markets
New York: Most Asian stocks rose with US and European futures Tuesday after the US House backed higher stimulus checks following President Donald Trump's signing of the virus relief bill. The dollar slipped with Treasuries.
A gauge of global stocks was on track to close at a fresh record with Japanese shares leading the way. Benchmarks also climbed in Australia and Hong Kong, though fluctuated in South Korea and China. US futures pushed higher after the House backed the president's proposal to boost checks to $2,000 from $600, which creates a political dilemma for Senate Republicans.
Earlier, the S&P 500 Index, Dow Jones Industrial Average and Nasdaq Composite touched all-time highs after Trump approved the combined $2.3 trillion COVID-19 relief and government funding package.
Oil gains, Bitcoin drops
Elsewhere, crude oil pared an overnight loss as investors focused on looming new supply from OPEC+. Bitcoin fell back after a rally over the holiday pushed it past $28,000 for the first time.
Investors are cheering the US aid package, restoring some of the optimism that drove global stocks to a record this month even as the pandemic escalates. Goldman Sachs Group Inc. upgraded its first-quarter US economic growth forecast because of the measure.
"Where we are right now in the equity market is somewhat of a sweet spot," Michael Cuggino, president and portfolio manager at Permanent Portfolio Family of Funds, said . "We've got stimulus, likely more on the way. You've got great comps on earnings going into next year with respect to equities, and you have a pent up demand situation as the economy both in the US and globally comes out of COVID-19."