Wall Street gains with stimulus hopes, positive updates on Trump’s health

In this news, we discuss the Wall Street gains with stimulus hopes, positive updates on Trump’s health.

(Reuters) – US stocks rose more than 1% on Monday afternoon, recovering from the declines of the previous session, with investors optimistic about more fiscal stimulus and mostly favorable updates on symptoms of President Donald Trump’s coronavirus.

The clues added slightly to the gains after Trump tweeted in the afternoon that he would be leaving Walter Reed National Military Medical Center at 6:30 p.m. (10:30 p.m. GMT). He’s been in the hospital since Friday night.

Shares of Regeneron Pharmaceuticals Inc. REGN.O surged after Trump’s doctor said he was treated with Regeneron’s double antibody treatment.

Doubts about the extent of additional budget support and the slowing economic recovery have weighed on the S&P 500 recently, with the benchmark in September recording its worst month since the coronavirus crash earlier this year.

White House Chief of Staff Mark Meadows said on Monday that it was still possible to reach an agreement with U.S. lawmakers on more coronavirus relief and that Trump was determined to secure the deal.

“It looks like we’re going to get something. I think both parties need it for political reasons, so the odds of getting something are better today than they were, ”said Peter Cardillo, chief market economist at Spartan Capital Securities At New York.

The Dow Jones Industrial Average .DJI rose 369.01 points, or 1.33%, to 28,051.82, the S&P 500 .SPX gained 47.85 points, or 1.43%, to 3,396.29 and the Nasdaq Composite .IXIC added 202.35 points, or 1.83%, to 11,277.37.

Positive economic data also helped the market.

After data from last week showed an unexpected slowdown in the domestic manufacturing sector in September, Monday’s figures showed activity in the broader service sector had exceeded levels that prevailed before the COVID-19 pandemic .

Rising issues outnumbered falling issues on the NYSE by a ratio of 2.83 to 1; on the Nasdaq, a ratio of 2.93 to 1 helped advances.

The S&P 500 posted 25 new 52-week highs and no new lows; the Nasdaq Composite recorded 104 new highs and 11 new lows.

Additional reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; edited by Patrick Graham, Maju Samuel, Saumyadeb Chakrabarty and Cynthia Osterman

Original © Thomson Reuters

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