US Stocks Resume Upward Climb, Dow +1.1%

Wall Street stocks gained in opening trading Tuesday, beginning December with positive momentum following reports of a renewed push in Congress to pass a US economic stimulus bill

New York, (UrduPoint / Pakistan Point News - 1st Dec, 2020 ) :Wall Street stocks gained in opening trading Tuesday, beginning December with positive momentum following reports of a renewed push in Congress to pass a US economic stimulus bill.

About 25 minutes into trading, the Dow Jones Industrial Average was at 29,972.94, up 1.1 percent.

The broad-based S&P 500 advanced 1.2 percent to 3,663.37, while the tech-rich Nasdaq Composite Index jumped 1.3 percent to 12,314.00 The Dow enjoyed its best month in more than three decades in November, although stocks faltered on the last day of trading. Major indices hit records last week on hopes for a 2021 economic recovery once a coronavirus vaccine is deployed widely.

Some analysts said the early rally Tuesday reflected an infusion of cash at the start of December, historically a good month for equities.

A small bipartisan group of senators is reportedly attempting to revive a US stimulus bill, although it isn't yet clear whether the effort will succeed.

Later on Tuesday, a congressional panel will hear testimony from Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell on the state of the economy.

In written testimony released ahead of the questioning, Mnuchin, serving his final weeks on the job before President-elect Joe Biden's administration takes office in January, hailed the country's recovery thus far, but Powell warned of continued uncertainty.