- Dow Jones Industrial Average added 0.49% while the S&P 500 put on 0.57%.
- The Nasdaq Composite ended 0.84% higher to 12,764.
US stocks ended on the bid on Thursday, closing higher with each of the three major indexes along with the small-cap Russell 2000 RUT finishing at record levels.
The Street is growing more optimistic about a coronavirus stimulus bill, despite there not being an agreement yet.
However, the combination of expectations and the Federal Reserve's reassurances that it is there to do what is needed, investors are looking through signs of economic strain brought on by the COVID-19 pandemic.
The S&P 500 has climbed about 15% in 2020, despite the economic destruction caused by the coronavirus.
A surge in technology outsourcing firm Accenture ACN gave the S&P 500 a major lift.
Developments on the vaccine news with Moderna Inc MRNA expecting US approval for deploying what would be the nation's second COVID-19 vaccine also helped to lift spirits.
Unofficially, the Dow Jones Industrial Average added 0.49% to end at 30,301.79 points, while the S&P 500 put on 0.57% to 3,722.43. The Nasdaq Composite ended 0.84% higher to 12,764.
The hopes for a deal overshadowed another set of bleak domestic economic data, which showed another climb in weekly jobless claims.
Overall, the data in the last couple of days has helped to reinforce the picture of a slowing economy.
The Philadelphia Fed index fell to 11.1 vs 26.3. Both employment and new orders dropped sharply.
''Lucky it seems it’s just dotting the i’s and crossing the t’s on a near USD900bn (4.9% of GDP) plan to be unveiled today or possibly tomorrow. The magnitude of the package is more than sufficient to compensate for the difference between Q3 GDP and its 2019 Q4 peak, raising expectations of a swift recovery to pre-crisis GDP,'' analysts at ANZ Bank argued.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD recovers further toward 0.6800 on risk-recovery
AUD/USD extends recovery toward 0.6800 in Asian trading on Thursday, despite mixed Australian employment data. The Aussie cheers a return of risk appetite, which weighs on the post-Fed US Dollar recovery. All eyes now remain on US economic data for fresh impetus.
USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles
USD/JPY is attacking 143.00 in Thursday's Asian session, reversing sharply from 144.00. The pair pares back gains in tandem with the US Dollar, as the latter's post-Fed recovery falters due to a rebound in risk sentiment. The focus is next on the US data due later today and Friday's BoJ decision.
Gold defends $2,550 in the Fed’s aftermath, ahead of US data
Gold price is defending $2,550 early Thursday, catching a breath after intense volatility witnessed in the aftermath of the all-important US Federal Reserve monetary policy announcements and Fed Chairman Jerome Powell’s press conference.
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut
Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.