Major indexes in the US stock market opened higher to reach new record high levels on Monday with prices of metals and crude oil on the rise as investors focus on relief bill talks in Washington, D.C.
The Dow Jones climbed to an all-time high of 31,361 points shortly after opening at 9.30 a.m. EDT (1430 GMT), while the S&P 500 climbed to a record high of 3,908. The Nasdaq also saw its highest level of 13,949.
Oil majors were the largest gainers at opening with ExxonMobil and ConocoPhillips up by more than 3% each as crude oil prices increased over 1%.
Price of Brent crude was above the critical threshold of $60 per barrel with a 1.1% gain at 10.00 a.m. EDT (1500 GMT), and American West Texas Intermediate at $57.66 a barrel with a 1.4% daily gain.
Metals were also up with gold rising 1.1% to $1,833 per ounce and silver at $27,4 an ounce with 2.1% gain.
Democrats in the US House of Representatives are planning to announce a key provision later Monday that would provide millions of families at least $3,000 per child.
The legislation would provide $3,600 per child under the age of six, and $3,000 per child between ages 6-17 for one year, according to the bill named Child Tax Credit.
The benefits, which could be received as monthly payments, would fully be available for single parents who have an annual earning up to $75,000, and for couples up to $150,000.
Democrats hope to make the provision a part of President Joe Biden’s $1.9 trillion relief package as he also wants to provide $1,400 stimulus checks for individuals.
While Republicans have so far showed not much support for the package, and Biden wants to have bipartisan support for it, he indicated last week he could pass the bill only with Democrats who now have control of the Congress.
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