S&P 500 closes 0.1% from record high after climbing on tech-sector strength
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Stocks opened higher as investors found hope in new stimulus abroad. The People's Bank of China injected 700 billion yuan into the country's financial system on Monday, establishing a more accommodative monetary-policy stance from China's government. The injection, made through China's medium-term lending facility, could prelude interest-rate cuts or other, more potent easing measures.
Investors continued to consider how a lack of fiscal stimulus could halt the US recovery. Senators went on recess on Friday, punting stimulus talks into September unless a majority of lawmakers decide to reconvene ahead of schedule. Economists have said the stimulus deadlock could plunge the country into a longer-than-necessary recession.
"There has been a solid V-shaped rebound so far and the US economy has already made up a lot of lost ground," Michael Zezas, a managing director at Morgan Stanley, said in a note."However, prolonged delays in stimulus could weigh on household consumption and prompt state and local austerity."
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