Wall Street climbs on stimulus hopes; S&P 500 on track for weekly gains

In this news, we discuss the Wall Street climbs on stimulus hopes; S&P 500 on track for weekly gains.

(Reuters) – US stocks rose on Friday and the S&P 500 was on track for a second straight week of gains as optimism about more federal budget support intensified.

U.S. House of Commons Speaker Nancy Pelosi said she would resume discussions on a possible COVID-19 stimulus package with Treasury Secretary Steven Mnuchin later on Friday, with a report saying Mnuchin will present 1.8 trillion dollars in counter-offer.

Recent trading on Wall Street has been driven by headlines on budget aid, with the top three indexes falling on Tuesday after US President Donald Trump called off negotiations. He has since indicated his willingness to resume discussions.

“The market is responding well to Trump’s sudden turnaround in terms of the support package and this new package he has offered which is much larger than previously,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York.

“It probably shows some desperation on his part. Much of it has been politics, but a lot of people think the economy really needs economic support here, so that’s a good thing.

The Dow Jones Industrial Average rose 128.45 points, or 0.45%, to 28,553.96, the S&P 500 gained 25.23 points, or 0.73%, to 3,472.06 and the Nasdaq Composite added 127.11 points, or 1.11%, at 11,548.09.

Energy stocks have fallen more than 1% following recent gains.

Strategists say investors have also started to digest the possibility of Democratic candidate Joe Biden winning the November 3 presidential election after a heated debate last month led to an increase in his lead over Trump in several national polls. .

In company news, Xilinx Inc jumped 13.8% after a report that Advanced Micro Devices Inc was in talks to buy the chipmaker in a deal valued at over $ 30 billion. dollars. AMD’s shares fell. General Electric Co jumped 2.3% as a report said Goldman Sachs restored coverage to the U.S. industrial conglomerate with a “buy” note, saying the company would emerge stronger from the COVID-19 pandemic.

Rising issues outnumbered falling issues on the NYSE by a ratio of 1.27 to 1; on the Nasdaq, a ratio of 1.41 to 1 favored the advancers.

The S&P 500 posted 75 new 52-week highs and a new low; the Nasdaq Composite recorded 135 new highs and 16 new lows.

Additional reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Editing by Maju Samuel and Cynthia Osterman

Original © Thomson Reuters

Originally posted 2020-10-11 15:46:09.

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