NEW YORK (news agencies) — U.S. stocks are adding to the gains made during their best week of the year. The S&P 500 was up 0.3% early Monday, coming off a 4.7% spurt last week spurred by Donald Trump’s presidential victory and a cut to interest rates by the Federal Reserve. The Dow Jones Industrial Average was up 261 points, and the Nasdaq composite was 0.4% higher. Tesla, whose leader, Elon Musk, has become a close ally of Trump’s, rose another 7%, adding to its gains since the election. Bitcoin rose above $82,000 for the first time. Bond trading was closed for a holiday.
THIS IS A BREAKING NEWS UPDATE. news agencies’s earlier story follows below.
NEW YORK (news agencies) — Futures on Wall Street rose Monday and bitcoin traded above $82,000 for the first time, following a record-breaking week. European markets powered higher but Asian stocks fell as China’s stimulus package disappointed investors.
U.S. shares were poised to open higher, with futures for the S&P 500 up 0.4% and those for the Dow Jones Industrial Average up 0.4%.
Bitcoin hit a fresh record, rising to $82,493 in early trading, according to Coindesk. The most popular digital token has been extending a rally that began after the reelection of former President Donald Trump, who has embraced cryptocurrencies and pledged to make the United States the world crypto capital.
Shares of Trump Media & Technology Group rose 7.5% as Trump starts his transition back to the White House in earnest.
Tesla shares added 7% after gaining 29% last week. CEO Elon Musk backed Trump’s run for reelection and is reportedly advising him during the transition.
Humana shares tumbled 7% in the premarket after Cigna said it was not pursuing a merger with its rival health insurer. Cigna reaffirmed its previous financial guidance and its shares rose 8.3%.
In Europe at midday, Germany’s DAX rose 1.42%, Paris’s CAC 40 gained 1.24% and Britain’s FTSE 100 added 0.75%.
In Asia, China approved a 6 trillion yuan ($839 billion) plan during a meeting of its national legislature Friday. The long-anticipated stimulus is designed to help local governments refinance their mountains of debt in the latest push to rev up growth in the world’s second-largest economy.
