U.S. stocks climbed Thursday as investors awaited details of the incoming Biden administration’s plans for a fresh coronavirus relief package.
The Dow Jones Industrial Average rose 103 points, or 0.3%, to 31164 shortly after the opening bell. The S&P 500 added 0.2%, and the Nasdaq Composite advanced 0.3%.
President-elect Joe Biden is expected later Thursday to unveil details on his proposed spending package to support households and businesses. Many investors are counting on additional stimulus to help the economy recoup wide-ranging losses stemming from the coronavirus pandemic and restrictions put in place to fight it.
Jobless claims data Thursday showed that 965,000 people applied for unemployment insurance in the week ended Jan. 9, more than economists had expected.
“How [the spending package] will be implemented down to the real economy, down to small companies, that will be key,” said Luc Filip, head of private banking investments at SYZ Private Banking.