US stocks rose on Wednesday as investors were bullish on the possibility of at least partial agreement on more fiscal stimulus in the United States.
After abruptly calling off negotiations on a full bill on Tuesday, President Donald Trump later today urged Congress to pass a series of smaller, stand-alone bills that would include a bailout for the airline industry battered by the coronavirus pandemic.
Airlines shares jumped, including United Airlines up 4.3%.
The indices held gains after the Federal Reserve released the minutes of its last meeting.
“The only reason we were down yesterday was President Trump’s tweet, that he came back last night. That’s why the market started stronger and stayed stronger. I think we got it. expects some form of stimulus deal to happen sooner rather than later, ”said Michael James, managing director of equity operations at Wedbush Securities in Los Angeles.
Senior White House officials have played down the possibility of greater relief from the coronaviruses, while House Speaker Nancy Pelosi has slammed Trump for walking away from talks on a comprehensive deal.
The Dow Jones Industrial Average <.DJI> rose 556.7 points, or 2%, to 28,329.46, the S&P 500 <.SPX> gains 61.38 points, or 1.83%, to 3422.33 and the Nasdaq Composite <.IXIC> added 211.55 points, or 1.9%, to 11,366.16.
On Wednesday, the focus will also be on a debate between Vice President Mike Pence and Democratic opponent Kamala Harris, Trump’s battle with COVID-19 and the age of Democratic presidential candidate Joe Biden offering a canvas unusual background.
Reuters / Ipsos opinion polls released Tuesday showed Biden extending his lead over Trump on the Michigan battlefield and the two candidates entered a draw race in North Carolina ahead of the November 3 election. .
Rising issues outnumbered falling issues on the NYSE by a ratio of 3.00 to 1; on the Nasdaq, a ratio of 3.36 to 1 favored the advancers.
The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 120 new highs and 15 new lows.
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