Wall Street Close: Bulls enthused by stimulus hopes
|- The Dow Jones Industrial Average rose 122.05 points, or 0.43%.
- S&P 500 SPX gained 27.38 points, or 0.80%.
- The Nasdaq Composite added 56.38 points, or 0.5%.
Wall Street was lifted on Thursday on renewed hops of fiscal stimulus as essential to help stem the labour market's fall out, a rhythm that has gained momentum over the last weeks, evidenced in data on Thursday.
Trump in an interview with Fox News said talks with Congress have restarted over further COVID-19 relief. Much to the contrary of the many observers, Trump said there is a good chance one could get done.
Consequently, stocks were buoyed by the hopes and the Dow Jones Industrial Average climbed122.05 points, or 0.43%, to 28,425.51, the S&P 500 added 27.38 points, or 0.80%, to 3,446.83 and the Nasdaq Composite put on 56.38 points, or 0.5%, to 11,420.98
A White House spokeswoman said Trump wanted a "skinny" coronavirus relief bill.
House of Representatives Speaker Nancy Pelosi said legislation to help airlines was a matter of national security.
However, analysts at ANZ Bank argued what they can deliver is very unclear.
''The White House may now just be pursuing the President’s preferences for stimulus checks, airline aid and additional paycheck protection. House speaker Nancy Pelosi said there will be no standalone airline package without a bigger stimulus bill and that she’s not sure what the prospects are for stimulus.''
Meanwhile, US initial jobless claims lifted 840k and have now been stable in an 840-900k range for six weeks.
Continuing claims fell by just over one million to 10976k.
''The risks to retail sales and private consumption from a slowing labour market recovery are rising,'' the analysts at ANZ bank said.
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