US market at record high with hopes of larger checks

Major indexes in the US stock market opened Tuesday at new record high levels as investors await the Senate to approve proposal to raise individual payment checks to Americans that would increase liquidity in the market.

Shortly after the opening bell at 09.30 a.m. EDT (1430 GMT), the Dow Jones hit $30,588 points and the S&P 500 soared to $3,754 points, while the Nasdaq rose to $12,973 points. All indexes were up by more than 0.5% each.

With the risk of higher liquidity, the US dollar index fell once again below the critical threshold of $90, while gold was up 0.3% around $1,878 per ounce.

The House of Representatives voted Monday to increase COVID-19 stimulus payments to millions of jobless Americans to $2,000 from $600, while it remains a question whether the proposal will find traction in the Republican-controlled Senate.

After President Donald Trump signed Sunday the $900 billion COVID-19 relief bill into law, Senate Majority Leader Mitch McConnell applauded his decision "to get billions of dollars of crucial COVID-19 relief out the door and into the hands of American families" in a tweet on Monday.

Trump on Tuesday reiterated his support on increasing the individual payment checks, saying "$2000 for our great people, not $600! They have suffered enough from the China Virus!!!" in a tweet before market opening.

It remains a question, however, whether McConnell and Senate Republicans will support the outgoing president's request, or diverge with him and the Democrats.