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* Tesla invests $ 1.5 billion in bitcoin; cryptocurrencies jump
* Disney, Cisco climb this week ahead of results
* Futures futures: Dow 0.45%, S&P 0.37%, Nasdaq 0.41% (Add comments, details; update prices)
February 8 (Reuters) – Wall Street’s major indices would hit record highs on Monday as investors ventured in hopes of a fiscal easing package leading to a rapid economic recovery.
The oil price has risen to its highest in more than a year, increasing Marathon Oil Corp, Schlumberger NV, Exxon Mobil Corp, Chevron Corp and Occidental Petroleum Corp between 1% and 1.9%.
Last week, the S&P 500 and the Nasdaq recorded their best weekly performance since the US election in early November, based on optimal earnings and economic data.
Sentiment was also boosted by US Treasury Secretary Janet Yellen’s remark on Sunday that if Congress approves the $ 1.9 billion plan, the country will return to full service next year.
The US Congress on Friday approved a budget plan that could go through a coronavirus relief bill in the coming weeks without Republican support.
“There’s an increase in the fact that much closer to the $ 1.9 billion stimulus is passed than a lower number,” said Jim Besaw, chief investment officer at GenTrust in Florida.
“There may be a possible withdrawal after a stimulus package is downloaded. Buy the rumor and sell the fact.”
The progress of the vaccination efforts and the improved earnings in the fourth quarter helped investors dispel the fear of a short-term stock decline due to high valuations and increasing coronavirus infections.
Bitcoin rose more than 10% to a record high after Tesla Inc. said it had invested about $ 1.5 billion in the cryptocurrency and would begin accepting payment in bitcoins for its cars and other products.
Tesla shares rose about 2%, while miner Riot Blockchain and Marathon Patent Group rose more than 20%.
At 08:33 ET, Dow E-minis rose by 140 points, or 0.45%, and S&P 500 E-minis by 14.25 points, or 0.37%. Nasdaq 100 E-minis rose 56 points, or 0.41%.
Walt Disney Co., Cisco Systems Inc. and General Motors Co. rose 1.6% and 2.8%, respectively, ahead of their earnings reports this week.
According to the Refinitiv IBES data, S&P 500 companies were now on track to show earnings growth for the fourth quarter, contrary to a forecast of decline.
Hasbro Inc rose 2.2% after the toy supplier beat the quarterly revenue estimates on higher demand for its board games and collectible cards “Magic: The Gathering”. (Report by Devik Jain, Shreyashi Sanyal and Medha Singh in Bengaluru; Edited by Saumyadeb Chakrabarty and Arun Koyyur)