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Wall Street Ends Up on Recovery Expectation

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NEW YORK, Dec 30 Reuters U.S. stocks closed higher on Wednesday as investors looked towards an improving economic outlook in 2021 on the back of COVID19 vaccine rollouts and hopes for even more fiscal support.

Nearterm expectations of bigger stimulus checks dimmed after Senate Majority Leader Mitch McConnell blocked a quick vote to back President Donald Trumps call to increase COVID19 relief checks to 2,000 from 600 already signed into law. McConnell introduced a bill that tied the increased 2,000 stimulus checks with the removal of protections for social media companies and a study on election security.

Somethings better than nothing but theres a lot of politics involved. The market is anticipating something, whether 600 or 2,000 part of that is baked into the cake, said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts.

The markets are saying what have you done for me lately? and people are going to be focusing on whats going to happen if we see more and more restrictions due to the pandemic.

Investors are also eyeing the Georgia runoff election on January 5, which could lead to Democratic control of the Senate, and upend the market view of political gridlock.

Optimism over vaccine rollouts was boosted after Britain approved the emergency use of AstraZeneca and Oxford Universitys COVID19 vaccine, which will start being administered on Monday.

But that was tempered somewhat by the first known U.S. case of a…

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