Please try another search
© Reuters.
By Yasin Ebrahim
Investing.com – The Dow surged Monday, led by sectors tied to the economy, with financials and industrials up strongly amid renewed stimulus after House Speaker Nancy Pelosi suggested a deal to roll out more aid was still on the table.
The Dow Jones Industrial Average rose 1.97%, or 535 points. The S&P 500 was up 1,84%, while the Nasdaq Composite gained 1.74%.
Industrials and financials rose more than 2%, with the latter getting a boost from banking stocks as renewed hopes for coronavirus stimulus lifted sentiment on the recovery.
JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Bank of America (NYSE:BAC) rose more than 3%.
Hope for further stimulus from Congress comes after Pelosi on Sunday said Democrats would move ahead with a smaller $2.4 trillion aid package that could come to a vote as soon as next week.
The fiscal package would include unemployment benefits, direct payments to households and small business loans as well as aid for airlines.
Airlines rallied sharply, lifting industrials higher, with Delta Air Lines (NYSE:DAL) and United Airlines (NASDAQ:UAL), up more than 6%. United Airlines also received a boost after the carrier said its pilots agreed to reduce their working hours to avoid furloughs that were set to begin in October.
Tech, meanwhile, pushed the broader market higher. Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) Alphabet (NASDAQ:GOOGL) Amazon.com (NASDAQ:AMZN) and Facebook (NASDAQ:FB), which together make up a quarter weighting of the S&P 500, traded higher.
In other news, Uber Technologies (NYSE:UBER) was granted a new license to operate in London after winning its appeal against London’s transport authority, Transport for London, sending its shares nearly 4% higher.
Caesars Entertainment (NASDAQ:CZR) jumped 4% after tabling a £2.9 billion to buy sports betting site William Hill.
The strong day of gains on Wall Street comes ahead of a widely expected bout volatility as President Trump and Democratic presidential hopeful former Vice President Joe Biden are set to square off in their first of three debates starting from Tuesday. The U.S. general election is just 36 days away.
NEW YORK (Reuters) - JPMorgan (NYSE:JPM) has turned net bullish on hard currency emerging market sovereign and semi-sovereign debt by going overweight on the EMBI Global...
By Stephen Nellis (Reuters) - Apple Inc (NASDAQ:AAPL) on Thursday said it will implement a system that checks photos on iPhones in the United States for matches with known images...
(Reuters) - The Federal Aviation Administration (FAA) on Thursday issued a new safety directive for all Boeing (NYSE:BA) 737 MAX airplanes and some other 737 planes to address a...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.