USA stocks finish higher amid stimulus talks

21 Octobre, 2020, 03:44 | Auteur: Auguste Feret
  • With No Stimulus Likely, Dow Drops 410 Points

The market's slide was broad, though technology, health care, and communication stocks bore the brunt of the selling.

The Asian stock market closed mostly mixed.

Procter & Gamble, Albertsons and Travelers all rose after reporting quarterly results that were better than analysts were expecting. IBM shares dropped 2.8% after it reported results after hours, which included a decline in revenue and no guidance on its outlook.

Major Wall Street indices are expected to rise slightly at the opening Monday on hopes of a coronavirus vaccine by the end of the year, while investors were also encouraged by the signing of 'an agreement in Washington on a budget package that could be concluded soon.

House of Representatives Speaker Nancy Pelosi said late on Tuesday that she hoped a coronavirus aid agreement could be accomplished by the end of this week.

Trump spoke as talks between House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin approached a Tuesday deadline for reaching a bipartisan deal that could pass Congress before Election Day on November 3.

"The stimulus package seems to be the major fixation for investors right now - the idea of Republicans and Democrats agreeing on the next payments going forward", said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey.

The Dow Jones Industrial Average rose 113.37 points, or 0.40 percent, to 28,308.79. The Nasdaq Composite Index increased 49.49 points, or 0.43 percent, to 11,528.37. The Russell 2000 index of small-cap stocks was up 1.1 percent. The S&P 500 index advanced almost 17 points at the open to 3,443. Even so, trading often has been choppy from one day to the next, reflecting uncertainty over the timing of more stimulus for the economy.

Pelosi and Treasury Secretary Steven Mnuchin will also talk at 3 p.m. ET (1900 GMT) on Tuesday, according to a source.

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And Senate Majority Leader Mitch McConnell, who has rejected the proposed price tag of around US$2 trillion, changed course and said he would bring the package to a vote if there is a bill President Donald Trump supports.

The British pound decreased 0.2 per cent to US$1.2918.

Meanwhile, Commerce Department data released before the market open showed housing construction grew modestly in September amid booming demand from home buyers, with residential construction rising 1.9 per cent from August.

Western Digital stock contributed the biggest gain, soaring 7.85%. UBS gained after the Swiss firm's traders performed better than most of their Wall Street rivals in the third quarter.

Albertsons climbed 5.8% following its latest quarterly results. The supermarket chain benefited from a sharp increase in online and in-store sales as customers continue to stock up on groceries due to the coronavirus.

But spread betting quotes for Tuesday suggest the USA blue-chip index will storm 222 points higher to 28,417, with the S&P 500 tipped to jump 30 points to 3,457, and the Nasdaq Composite is seen rising 275 points to 11,754. But they're forecasting the decline to moderate from the almost 32% plunge from the spring as the economy has shown signs of improvement.

The yield on the 10-year Treasury note rose to 0.79 from 0.78% late Monday.

US markets outperformed Canada's largest stock index because the fiscal stimulus would be most beneficial to the USA economy and corporations, said Bangsund.

India's Sensex rose 0.6 per cent to 40,691.72.

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