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Stocks Jump to More Than Month High as Trump Tweets on Stimulus Deal
Posted
October 7, 2020
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October 7, 2020
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0:55Now PlayingStocks climbed to a more than one-month high on renewed optimism that U.S. lawmakers could still reach an agreement on additional stimulus. Treasuries and the dollar fell.
The S&P 500 gained 1.7% after a barrage of overnight tweets from President Donald Trump advocating a piecemeal approach. Trump sent stocks tumbling late Tuesday by ending talks with Democrats. Speaker Nancy Pelosi signaled openness to a standalone airline relief bill in a conversation with Treasury Secretary Steven Mnuchin on Wednesday.
“The seesaw we’ve seen since yesterday’s plunge is just case and point for the volatility we may encounter as we close in on the election,” said Chris Larkin, managing director of trading and investment product at E*Trade Financial. “That said, with President Trump’s call for aid to airlines, an obviously hard-hit area of the market, traders may be eyeing bullish opportunities.”
Some investors who’ve watched Democratic challenger Joe Biden’s lead in the polls swell in recent days are now speculating that a victory by him would bring an increase of federal spending to boost the economy.
Biden leads among likely voters Florida, Iowa and Pennsylvania, Quinnipiac University polls found. Tech stocks also mostly rose, even after a House panel’s proposal late Tuesday for stricter antitrust rules to curb the power of Apple Inc., Alphabet Inc., Facebook Inc. and Amazon.com Inc.
The four tech giants account for more than 15% of the S&P 500. Eli Lilly & Co. gained after advances on its Covid-19 antibody drug.
“People are now talking again about this blue wave,” or election sweep by Democrats in Congress and the presidency, said Marc Odo, client portfolio manager at Swan Global Investments. “The one thing we do need is a very clear cut result coming out of this election.”
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