Wall Street hits record highs on stimulus bet

Optimism over a coronavirus stimulus bill drove Wall Street to record highs Thursday.

The Nasdaq shot up eight tenths percent. The S&P 500 and Dow added roughly a half percent.

The buying extended to Bitcoin, which jumped to another all-time high one day after topping $20,000. In Washington, top Republicans and Democrats drew closer to agreeing on a fresh round of aid in response to the health crisis.

Comprehensive Wealth Management president John Vento says the relief package is foremost in investors' minds:

"My belief is that the number one priority in addition to the coronavirus vaccine of course is going to be providing additional stimulus to US United States especially small businesses that seem to be suffering significantly and as well all those unemployed individuals so that their unemployment benefits could be extended."

Leading the S&P: Lennar with a 7% gain. Quarterly profit and revenue beat analysts' targets as the home builder benefited from a strong U.S. housing market.

Rite Aid shares soared nearly 18%, snapping a four-day losing streak. The drug store operator lifted its targets next year for revenue, profit and same-store sales.

But shares of Google-parent Alphabet dipped. A group of 38 U.S. states and territories filed an antitrust complaint accusing the company of trying to extend its search monopoly to dominate smart speakers, TVs, and cars. Separately, Google won the blessing of EU regulators for its $2.1 billion bid for the wearable device maker, Fitbit.

Video Transcript

- Optimism over a coronavirus stimulus bill drove Wall Street to record highs Thursday. The NASDAQ shot up 0.8%, the S&P 500 and Dow added roughly 0.5%. The buying extended to Bitcoin, which jumped to another all time high, one day after topping $20,000.

In Washington, top Republicans and Democrats drew closer to agreeing on a fresh round of aid in response to the health crisis. Comprehensive Wealth Management President, John Vento says the relief package is foremost in investors' minds.

JOHN VENTO: My belief is that the number one priority, in addition to the coronavirus vaccine of course, is going to be providing additional stimulus to the United States, especially small businesses that seem to be suffering significantly, as well all those unemployed individuals, so that their unemployment benefits could be extended.

- Leading the S&P, Lennar with a 7% gain. Quarterly profit and revenue beat analysts' targets as the home builder benefited from a strong US housing market. Rite-Aid shares soared nearly 18%, snapping a four day losing streak. The drugstore operator lifted its targets next year for revenue, profit, and same store sales.

But shares of Google parent, Alphabet dipped. A group of 38 US states and territories filed an antitrust complaint accusing the company of trying to extend its search monopoly to dominate smart speakers, TVs, and cars. Separately, Google won the blessing of EU regulators for its $2.1 billion bid for the wearable devices maker Fitbit.