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Stocks rally as Wall Street cheers Biden’s stimulus package

The Dow surged more than 600 points on Monday as investors cheered the Senate’s passage of a Covid-19 relief package that aims to bolster the US economy.

The S&P 500, the broadest measure of Wall Street, also rallied 0.9%.

But a selloff in tech stocks continued as US markets opened, dragging the Nasdaq Composite down 0.6%.

The 10-year Treasury yield rose to about 1.6% after the Senate cleared President Biden’s $1.9 trillion stimulus, paving the way for the sweeping legislation to be signed into law early this week. Investors are worried about the potential for inflation as the economy recovers.

Article Topic Follows: Money

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