US stocks mostly higher on progress of stimulus package

NEW YORK: Wall Street stocks were mostly higher early Monday as optimism over congressional progress on a massive US fiscal package countered worries it could boost inflation.

US President Joe Biden has applauded Saturday's narrow Senate passage of the $1.9 trillion spending package, which is now back in the House of Representatives and likely heading towards enactment.

About 25 minutes into trading, the Dow Jones Industrial Average gained 0.6 percent to 31,699.33.

The broad-based S&P 500 advanced 0.2 percent to 3,850.57, while the tech-rich Nasdaq Composite Index fell 0.3 percent to 12,883.11.

Biden's bill will provide additional support for unemployed workers and low-income families, as well as up to $1,400 stimulus checks to most Americans.

The proposal has raised hopes about a strong economic recovery in the latter half of 2021, but has also sparked concerns about runaway inflation. Yields on US Treasury bonds have risen in recent weeks, amplifying worries of a dramatic shift in US monetary policy.

Key data this week includes a report on February consumer prices.

Shares of retirement investment company Athene Holding jumped 7.9 percent after reaching a deal under which Apollo will hold 76 percent of the company, which will have a total equity value of $11 billion. Apollo fell 2.4 percent.

General Electric rose 2.0 percent following reports it is near a deal to combine its jet-air leasing company with Ireland's AerCap. GE declined to comment.