The Dow Jones rallied to an all-time high on Wednesday as President Joe Biden’s stimulus bill was awaiting final approval.
So far, the House, which is predominantly controlled by Democrats passed the bill for the first time in February. Thereafter, it was revised and approved by the Senate in a vote last weekend.
Now all that remains is for it to be approved again by the House before it can be sent to Biden’s desk for his signature.
Once approved, President Biden’s bill for $1.9 trillion will see him fulfill an election pledge to bring further economic stimulus to the American people, which will be the second-largest in history.
The Dow Jones was up 1.46%, reaching an intraday high of 32,311 points.
U.S. Consumer Prices rise in February
Data released by the Labor Department today showed that Consumer Prices were up once again last month.
Figures showed that the consumer price index increased by 0.4% in February, after climbing 0.3% in January.
With oil prices rapidly rising recently, it was reported that the 6.4% gain in gasoline costs accounted for more than half of the overall gain in the CPI.
Overall inflation rose in line with market expectations of 1.7%, with figures also showing that Gasoline prices surged 7.4% in January.
With inflation remaining below the Fed’s 2% target, many expect no change in rates anytime soon.
GameStop stock climbs once again
Another day, another GameStop story, as the now cult stock climbed to a new all-time high on Wednesday.
The video game retailer was up by close to 40% at the open, hitting a new high of $348.50 per share, before falling soon after.
The move took place in under a half-an-hour. saw prices briefly surpass the previous high of January 27th, when the stock went viral.
Even after falling from its dramatic rise earlier today $GME was still up 7.33% on the day closing at $265.00 per share.
Related: What’s Next After Gamestop?
Quote of the day – “There are no rights or wrongs only perceptions”Veronica Pravato
Senior Market Analyst