Stocks rose Tuesday and Wall Street extended record highs as investors bet that improved vaccine distribution and more fiscal relief from the U.S. government will aid in the economy’s recovery.
The Dow Jones Industrial Average gained 117 points, or 0.37%, to 31,575, the S&P 500 rose 0.32% and the Nasdaq was up 0.42%.
U.S. markets were closed Monday for the Presidents Day holiday. Stocks kicked the long weekend off right with the three major indexes closing Friday at record highs.
For the week, the Dow rose 1%, the S&P 500 gained 1.2% and the Nasdaq rose 1.7%.
Global equities were rising for a 12th straight session, the longest stretch of gains in 17 years, according to Bloomberg.
“Global equity markets remain on the climb into this week with the multitude of positive factors, including U.S. fiscal stimulus hopes, positive earnings and the vaccine rollout supporting sentiment,” said Jingyi Pan, a senior market strategist at IG Singapore.
Brent crude oil touched the highest level since January 2020 as a cold snap in Texas boosted power and fuel demand.
Brent crude oil, the global benchmark, traded above $63 a barrel as freezing temperatures in Texas were causing unprecedented power shortages across the state as refiners were forced to shut down. West Texas Intermediate crude rose 0.89% to $60 a barrel.
CVS Health reported stronger-than-expected fourth-quarter earnings, thanks in part to solid pharmacy sales.
Corporate earnings during the fourth quarter have impressed, even amid a pullback in consumer spending and uncertainty over the path of the coronavirus heading into the holiday season.
With just more than 75% of the S&P 500 reporting, fourth-quarter earnings are expected to grow 3.5% from last year to a share-weighted $356.3 billion, according to Refinitiv, with current-quarter earnings looking at a 21.1% improvement from a year earlier.
Bitcoin’s tremendous rally rolled on as the world’s largest cryptocurrency set a record above $50,000.
This article was originally published by TheStreet.