Wall Street Climbs at Open as Traders Hope for Stimulus
Image Credits:nThe Economic Times
New York, Oct 19 (AFP/APP): US stocks rose in opening trading Monday the start of yet another week where traders will closely monitor prospects Congress will pass a new stimulus package for the economy.
About 20 minutes after the open, the benchmark Dow Jones Industrial Average was up 0.3 percent at 28,687.15. The broad-based S&P 500 climbed to 0.5 percent to 3,500.48, while the tech-rich Nasdaq rose 0.8 percent to 11,763.78. Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year. President Donald Trump’s administration has proposed a $1.8 trillion package, while Democrats in the House of Representatives have approved a $2.2 trillion measure.
However, Senate Majority Leader Mitch McConnell said again last week that he prefers a narrowly tailored measure — which Democrats have rejected — and signaled he would not support the Trump administration’s push for a massive package. White House chief of staff Mark Meadows on Monday tried to downplay the Republican leader’s comments.
“If the speaker and the president can come together in a bipartisan deal, (McConnell will) bring it to the floor, it will get a vote… and hopefully we’ll get stimulus on the way to the American people”, Meadows told Fox News.
Stocks posted modest gains last week as the see-sawing stimulus talks rattled investors, but Charles Schwab investment bank said traders have not given up hope. “Although fleeting, optimism appears to be remaining regarding a potential fiscal relief package breakthrough as talks continue but a deal remains elusive,” Schwab wrote in an analysis.
Oil giant ConocoPhillips was up 0.7 percent after announcing before the open it would acquire shale oil rival Concho Resources in a transaction valued at $9.7 billion. Concho’s stock was trading 1.0 percent higher.
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