Dow, S&P 500 close at record highs as stimulus-fueled optimism continues

Trader NYSE
Traders work on the floor at the opening bell of the Dow Industrial Average at the New York Stock Exchange on March 18, 2020 in New York.

  • US stocks gained at the close with the Dow reaching a record closing high as investors cheered the passage of the stimulus bill.
  • One strategist says retail investors could buy a record $3 billion of US stocks when they receive stimulus checks.
  • Airline stocks gained after the TSA revealed air travel spiked to its highest level in nearly a year.
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US stocks gained at the close with the Dow reaching a record closing high as investors remained optimistic on economic growth following President Biden signing the $1.9 trillion stimulus program into law last week.

Retail investors could buy a record $3 billion of US equities in a single day when they receive their $1,400 stimulus checks from the US government, according to Viraj Patel, global macro strategist at Vanda Research. That could happen as soon as Wednesday or Thursday, when most Americans will start seeing $1,400 deposited into their bank accounts.

Here’s where US indexes stood after the 4:00 p.m. close on Monday:

Shares of major airline companies including American Airlines, United, Delta, and Southwest rose on Monday on optimism of a travel rebound in sight after the Transportation Security Administration revealed that air travel spiked to its highest level in nearly a year.

AMC shares rocketed up 29% extending this year’s stunning run higher as the movie chain will begin reopening theaters in California.

Penn National Gaming jumped to an all time-high of $142 a share on Monday as investors cheered its inclusion in the S&P 500 next week. The Barstool Sports stakeholder has gained almost 3,000% over the last year.

Short-sellers have tripled bearish bets against SPACs to $2.7 billion, from $724 million at the start of the 2021, according to data from S3 Partners amid fears the blank-chec frenzy has gone too far.

Bitcoin pulled back to around $56,500 on Monday after it rose above $61,000 over the weekend. A report said India could fine anyone in the country for even holding such digital assets.

Oil prices fell. West Texas Intermediate crude fell 0.38%, to $65.36 per barrel. Brent crude, oil’s international benchmark, declined by 0.5%, to $68.88 per barrel.

Gold jumped 0.6%, to $1,730.30 per ounce.

Read the original article on Business Insider