Stocks turned higher Tuesday and extended Wall Street’s six-day rally amid signs that President Joe Biden and congressional Democrats were pushing forward with a $1.9 trillion coronavirus stimulus package.
The Dow Jones Industrial Average rose 21 points, or 0.07%, to 31,406 the S&P 500 rose 0.01% and the Nasdaq gained 0.27%.
White House Press Secretary Jen Psaki told reporters Monday that Biden’s stimulus plan probably will advance under a fast-tracked procedure Democrats could use to clear the aid package with just a simple majority vote in the Senate.
“I don’t think the American people are particularly worried about how the direct relief” gets to them, Psaki said. “The most likely path at this point is through a reconciliation process.”
Stocks closed at records Monday after Treasury Secretary Janet Yellen endorsed Biden’s massive stimulus package, saying that if the plan was passed the U.S. could get back to full employment in 2022.
Brent crude oil traded above $60 a barrel amid renewed optimism about a global economic recovery. West Texas Intermediate crude, the U.S. benchmark, was up 0.69% on Tuesday to $58.37.
Bitcoin set a record above $48,000 on Tuesday, a day after Tesla said in a regulatory filing that it had purchased $1.5 billion of the digital asset.
Bitcoin traded as high as $48,226, according to CoinDesk, before paring gains. At last check the world’s largest cryptocurrency was at $46,376, up 7.61%.
Tesla also said it expects to begin accepting bitcoin as a form of payment for its electric cars in the “near future,” a move widely seen as an endorsement of the cryptocurrency by a mainstream company and a step toward corporate adoption.
TheStreet’s Jim Cramer said Tesla once again was ahead of the game and “absolutely” made the right decision in buying bitcoin.
“I’ve always felt companies should do more with their cash than keeping it in short-term,” Cramer said.
Earnings reports are expected after the closing bell Tuesday from Cisco Systems , Lyft and Twitter .
This article was originally published by TheStreet.