Markets rose on Thursday.
The S&P 500 rose 1.0 percent to a record high, the STOXX Europe 600 rose 0.5 percent and the Shanghai Composite surged 2.4 percent.
US President Joe Biden signed a US$1.9 trillion COVID-19 relief package into law on Thursday afternoon.
“The stimulus is beating the virus at least as far as the market is concerned,” said Scott Ladner, chief investment officer at Horizon Investments. “And real rates being near negative is just historically a very strong tailwind for asset prices.”
The European Central Bank announced on Thursday that it is leaving its Pandemic Emergency Purchase Programme unchanged at a total of 1.85 trillion euros due to last until March 2022.
It also announced that it expects to increase its bond purchases “significantly” next quarter after lower than usual purchases in the first quarter.
ECB President Christine Lagarde said at a press conference that she expects “a firm rebound in economic activity in the course of 2021”.
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