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US Stock Market Rallies Strong amid Tesla Bitcoin Purchase News

| Updated
by Benjamin Godfrey · 3 min read
US Stock Market Rallies Strong amid Tesla Bitcoin Purchase News
Photo: Depositphotos

The coronavirus vaccination program in the United States of America and around the world is also a boost to the growth of the global stock market.

The US stock market closed Monday’s trading session with positive gains as Tesla Inc (NASDAQ: TSLA) revealed it has purchased $1.5 billion worth of Bitcoin (BTC). As reported by Coinspeaker, the Bitcoin purchase by the electric automaker was also succeeded by the firm’s readiness to begin accepting Bitcoin payment for its products.

At the close of trading, the Dow Jones Industrial Average (INDEXDJX: .DJI) surged 0.76% to 31,385.76, the S&P 500 (INDEXSP: .INX) advanced 0.74% adding 28.76 points to 3,915.59. The Nasdaq Composite (INDEXNASDAQ: .IXIC) also grew by 0.95% to 13,987.64.

Tesla made a corresponding growth movement following its Bitcoin purchase announcement. The E.V producer rose 1.31% to $863.42, but the surge is currently being eroded in the pre-market on the advent of the news emanating from China. As reported by Investors Business Daily, Chinese authorities are onto Tesla for producing low quality made in China products, based on complaints from several customers.

The complaints range from battery fires, and to sudden acceleration amongst others. The government-backed watchdogs warned Tesla to operate within the premises of the law. Tesla is down by 0.56% in the pre-market trading.

Stock Market Buckling Up for New Stimulus Package

Part of the reasons the Dow Jones surged is perhaps based on news emanating from Washington DC as the lawmakers have approved the budget resolution to accommodate President Joe Biden’s $1.9 trillion Biden stimulus proposal. Investors Busines Daily reports that the 219-209 party-line House vote came after the Senate approved the resolution early Friday, with Vice President Kamala Harris casting the tiebreaker vote.

The passage of the Budget Resolution is capable of fast-tracking the process to getting the stimulus deal finalized, a move that President Joe Biden noted is necessary based on the poor job report released on Friday.

Amongst the industries that are set to benefit from the new stimulus deal are e-commerce industries with firms like Amazon.com Inc (NASDAQ: AMZN), and Walmart Inc (NYSE: AMT) standing to benefit more. The former firm however dropped 0.87% to $3,322.94, while Walmart surged 0.51% to $145.03.

Coronavirus Vaccinations Are Also a Boost

The coronavirus vaccination program in the United States of America and around the world is also a boost to the growth of the global stock market. The United States has recorded over 27.6 million cases of the virus with death topping 475,000.

The United States has administered more than 32 million doses of the vaccine with Pfizer Inc (NYSE: PFE) on track to supply about 200 million more doses of its vaccine to the US by the end of May.

The vaccinations have remarkably plunged down the reported cases of the virus, as well as the death rate both in the United States of America and the other countries with ongoing vaccination programs, a move that has been generally tagged as positive for the global economy.

Bitcoin News, Business News, Cryptocurrency news, Indices, Market News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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