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Dow Gains as White House Reportedly Ready to Raise Stimulus Offer

Published 10/09/2020, 12:37 PM
Updated 10/09/2020, 03:09 PM
© Reuters.

By Yasin Ebrahim

Investing.com – The Dow climbed on Friday, as stimulus hopes were boosted on reports the White House raised its coronavirus stimulus offer to $1.8 trillion, though that is still short of the Democrat’s $2.2 trillion proposal.

President Donald Trump, however, has greater ambitions.

“I’d like to see a bigger stimulus package than either the Republicans or Democrats are offering,” Trump said on Rush Limbaugh radio show. “I’d like to see money going to people.”

The Dow Jones Industrial Average rose 0.49%, or 140 points. The S&P 500 was up 0.77%, while the Nasdaq Composite gained 1.14%.

Treasury Secretary Steven Mnuchin is expected to discuss the new $1.8 trillion proposal with House Speaker Nancy Pelosi when the two speak Friday, The Wall Street Journal reported, citing sources.

Earlier on Friday, Senate Majority Leader Mitch McConnell said another fiscal package was unlikely in the next three weeks, while Trump hinted talks were progressing.

Reports the White House is raising its offer comes a day after Pelosi rejected the idea of passing standalone aid bills, preferring instead to roll out a broader relief package that would include support for individuals, small businesses and airlines.

Economists have repeatedly highlighted the importance of fiscal aid to keep the recovery intact.

Sectors tied to the progress of the economy advanced. Consumer discretionary was among the gains eBay (NASDAQ:EBAY) and Etsy (NASDAQ:ETSY) easing leading the upside.

Big tech continued to add to gains, led by a more than 2% rise in Microsoft (NASDAQ:MSFT) and Amazon.com (NASDAQ:AMZN). Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) rose 1%, while Facebook (NASDAQ:FB) fell into the red.

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Tech was also pushed higher by a rise in chip stocks after strong gains in NXP Semiconductors NV (NASDAQ:NXPI) and Xilinx (NASDAQ:XLNX), with the latter rallying nearly 15% on reports that Advanced Micro Devices (NASDAQ:AMD) was in advanced talks to buy the company.

NXP Semiconductors NV (NASDAQ:NXPI) was up 4% as it lifted quarterly guidance, citing a “material improvement” in demand across all end markets.

Energy proved an exception to the rally, down more 1%, as oil prices fell 1%, though are set to end the week sharply higher with weather-related supply disruptions easing demand concerns somewhat.

Latest comments

actually anyone should stop recieving any relief.. companies in struggle should have better management skills instead of depending on taxpayers and people should depend less on credit and actually save..
I agree. Let the companies survive instead of always bailing them out. We never learn from the past. If people loose their jobs they’l find another one. We americans are resilient. If you dont plan for the worst then surely you will go down but as my dad always says you can go up again so I believe in being resilient.
Ramogi, then they shouldn't have forced through a fake Impeachment, make no mistake, this is personal, Trump is still ***ed and so are we, that would be the silent majority not super liberals who will destroy this country, i can't wait until the investigations are complete about the rioters being paid to create anarchy. it's all political to beat Trump, America won't let Biden become President.
Trump turned down the largest bill because of bailout money for cities that have disparaged and disrespected him, i get that, stuffing it with huge amounts of pork and an Christmas wish list, Pres. Trump has done amazing, hey Me comment, how would you react to being falsely impeached, think about that, make no mistake this has been a war on Conservatives and patriotic americans will turn out big for Trump, the polls are fake, watch what happens then we can talk more about the fake polls and the need for independent pills that aren't partisan.
This is not kindergarten. He is still the president for all Americans. Not just people who like him or people who are a part of his cult.
It is all a political ploy by Trump. Low ball offer first, then raise it a little, then call it off, then wants piecemeal bill. then raises offer for big bill and now says want more then either the repo or dem amounts. Drugs are wonderful but Trump is still a looser.
Pelosi is equally smart: Play along and distract the Senate from the Supreme Court matter as much as possible; then hold her hands down. Nothing will be done, you're right, but the Dems may get to slow the ACB confirmation.
Pelosi has distracted no one. ACB will be confirmed, soon.
Let’s see if I have this right.....Donny takes steroids, which are known to mangle one’s thinking and logic. Then Donny cuts off the stimulus talks & says they will not resume until after the election. But in less than 24 hours & with the steroids now raging, Donny puts the negotiations back on track. And after another day goes by, Donny raises the stimulus stakes to a level he said two weeks ago were far too high. Not only have the steroids clouded Donny’s thinking, they have taken over his brain. Yet again, Nancy has totally out-maneuvered Donny & his #1 yes man “Yellow Brick Road” Munchkin & has forced them to cave. Most of this stimulus will benefit the states where Donny’s base resides, which are being pummeled by the virus because the governors in those areas care far more about money and less about peoples’ lives. Nancy will get all the credit from Donny’s base for giving them a second stimulus & Donny will get squat! Just one more chapter in “The *******of the Deal.” LOL!
stocks are being fueled by irrational baseless optimism.
Pelosi's radical ***won't do anything without the froth. What else is new? 🥾
market is running on stimulus rather than on economy...
Pelosi has said she can wait until February for the Dem's large stimulus plan, but at same time she knows individuals and small business Need Cash Now.
You're right, if the old bag is still physically/mentally able to remain in Congress. Maybe the Article 25 is all about Pelosi, not President Trump.
Fancy Nancy knows she's in the driver's seat.
Is he bipolar?
Narcistic personality disorder, look it up... it s a perfect match...
will Dow land over 30k or retrace to 24K
lower...
it seems that Dow has already absorbed 2.2 billions stimulus package.
trilliions
Well Nancy need to give up bailouts for burned out cities that were poorly run by Dems
no more Fox for you.
Then why USD don't go up instead Euro and Pound
the USD is cooked
Because the USD is mostly seen as a safe haven like the Yen and Franc. If everyhting looks good for the economy then investors will put their money in riskier assets which causes a weaker dollar and vice versa.
White House and Republicans in Senate will agree with Dems before election on stimulus package. otherwise no hope for Trump to be reelected nor Republicans to remain in Senate. common sense
No stimulus package before the elections, blame Democrats for it. Win the elections, pass the stimulus package and take the credit. Uncommon sense. President Trump will not cave to the traitors who falsely impeached him after their failed coup attempt. The next 4 years will be interesting as the Swamp is drained.
Just raised, its not agreed. Lol
Hurry we need the money for stocks!
Haha yes my brother
trump should just agree to the $2.2T bill and see if pelosi goes along. call her bluff.
cmon, if splashing thrillions of dollars is not socialism what is socialism then? Why you call trump non-socialist? the guy dreams to hand out dollars to people (on his own behalf of course)
in the US, when you offer money to the poor, it is socialism. when offered to the rich, it's call tickle down economy. lmao.
"Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and workers' self-management of enterprises." Stimulus package is not socialism. It is meant to keep the masses from starvation and rioting, jumpstart the economy by encouraging consumers to spend and borrow more. The world runs on debt.
i will S a square brick if anything actually happens
You're safe.
It is unfortunate that this is $400 billion short of the other offer. Honestly, their best thought Is to pass close to what is needed.
open up the borders too!!! its raining tacos!!!
as much as I can't stand pelosi maybe she's right we do need the 25th amendment because this guy he can't make up his mind minute to minute
The 25th pertains to Crazy Nancy, not President Trump.
The 25th pertains to the removal of Biden from the Harris administration if he manages to get elected. He would be removed within months.
More crack for the stock market
what do you mean
what do you mean
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