U.S. stocks eked out a gain to close at a record with tech shares lifting the major indexes on anticipation that more fiscal spending will revive economic growth and bolster corporate earnings. The dollar weakened.

The S&P 500 Index rose a bit omre than one point, while the Nasdaq indexes rose at least 0.5 per cent. Risk appetite has gotten a boost from President Joe Biden’s push for nearly US$2 trillion in additional spending and plans to jumpstart a federal response to the pandemic. Benchmark Treasury yields remained higher after initial jobless claims posted a small decline.

U.S. equities remained at records with stretched valuations as earnings continue to roll in. Intel Corp. reported fourh-quarter revenue that topped expectations. Investors continue to bet on another stimulus package from Biden as the president ramps up the fedearl response to the pandemic. European Central Bank President Christine Lagarde warned the virus continues to pose a serious risk after policy makers voted to keep pumping unprecedented amounts of stimulus into the economy.

“High valuations could find justification in the strong recovery that we expect, while inflation assets remain in the affordable zone,” according to Florian Ielpo, head of macroeconomic research and multi-asset portfolio manager at Unigestion SA. “We therefore see 2021 as a land of investment opportunities.”

Meanwhile, fresh tensions surfaced between U.S. companies and Beijing. China’s three biggest telecommunications firms said they requested a review of the New York Stock Exchange’s decision to delist their shares. Separately, Twitter Inc. locked the official account of the Chinese embassy to the U.S., citing a violation of its “dehumanization” policy.

On the virus front, global fatalities hit a daily record, with a U.K. official comparing some hospitals there to a “war zone.”

These are the main moves in markets:

Stocks

The S&P 500 rose less than 0.1 per cent as of 4 p.m. in New York.
The Nasdaq 100 Index added 0.8 per cent.
The Stoxx Europe 600 Index ended flat.
The MSCI Asia Pacific Index rose 0.7 per cent.
The MSCI Emerging Market Index gained 0.6 per cent.

Currencies

The Bloomberg Dollar Spot Index declined 0.2 per cent.
The euro jumped 0.4 per cent to US$1.2158.
The British pound gained 0.5 per cent to US$1.372.
The onshore yuan was little changed at 6.461 per dollar.
The Japanese yen was little changed at 103.54 per dollar.

Bonds

The yield on 10-year Treasuries gained three basis points to 1.11 per cent.
The yield on two-year Treasuries fell one basis point to 0.12 per cent.
Germany’s 10-year yield climbed three basis points to -0.496 per cent.
Japan’s 10-year yield dipped one basis point to 0.043 per cent.

Commodities

West Texas Intermediate crude declined 0.3 per cent to US$53.13 a barrel.
Brent crude was little chnaged at US$56.11 a barrel.
Gold futures rose 0.1 per cent to US$1,871.90 an ounce.