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Stocks rose Monday as President Trump signed the $900 billion fiscal stimulus bill.
Futures on the
Dow Jones Industrial Average
were up 150 points, or 0.5%. Futures on the
S&P 500
were up 0.7%, while
Nasdaq Composite
futures up 0.75%.
President Trump initially indicated he may not sign the bill, although stocks powered through that concern, as a veto would likely have been overriden in Congress.
The bill includes checks to households and unemployment benefits, as well as small business relief. This will all help small business and households to have cash at the ready for re-hirings and spending as states reopen. Covid-19 vaccines are expected to be widely distributed throughout the next year.
Here were some notable stock movers Monday:
Occidental Petroleum
(OXY) rose 2.5% and
Apache
(APA) rose 2% as crude oil rose more than 1% on the positive stimulus news. Smaller oil producers have bene much more volatile than the larger ones this year.
Anaplan
(PLAN) rose 3% after Needham raised its price target to $95 from $85 and reiterated its Buy rating.
Amicus Therapeutics
(FOLD), $6 billion by market cap drug maker, rose 3% after Cantor Fitzgerald raised its price target to $30 from $20 and resumed coverage with an Overweight rating.
Chinese internet company
Weibo
(WB) fell more than 1% after the company beat earnings and revenue estimates. Earnings per share were 66 cents against estimates of 60 cents. Revenue was $465 million, beating expectations of $450 million.
Nikola
(NKLA) has risen 1.5% after
JPMorgan
cut its price taget to $35 from $40 but said it saw a better year ahead.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
