NEW YORK (AP) — An extension of tax cuts for all Americans is sending stocks higher.
All three major indexes are rising Monday after President Barack Obama signed a $858 billion package Friday renewing tax cuts for another two years and extending expiring unemployment benefits through next year. The package is expected to boost economic growth, although critics say it could also fuel higher inflation.
At the opening, the Dow Jones industrial average is up 15, or 0.1 percent, to 11,507. The Standard & Poor’s 500 index is up 3, or 0.3 percent, to 1,247. The Nasdaq composite index is up 9, or 0.3 percent, to 2,652.
Bond prices are rising, sending yields lower. The yield on the 10-year Treasury note fell to 3.28 percent from 3.33 percent late Friday.
