Stocks Climb on Stimulus Hope After Weak Jobs Data: Markets Wrap
- House vote sets Biden’s aid plan on a Democrat-only track
- GameStop jumps as Robinhood restores full trading purchases
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Stocks extended their weekly rally after weaker-than-forecast U.S. jobs data bolstered the case for President Joe Biden’s $1.9 trillion coronavirus relief package. The dollar fell.
The House adopted the budget resolution that cleared the Senate early Friday, paving the way to pass a stimulus bill with only Democratic votes. The S&P 500 climbed to another record in its best week since November as every major group but technology rose. The surge in GameStop Corp. after Robinhood Markets Inc. removed limits on buying the stock did little to repair the video-game retailer’s weekly plunge of 80%. Two-year Treasury note yields matched an all-time low amid a drop across shorter-dated rates.