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Dow Jumps as Bulls Up Bets on Financials, Industrials

Published 09/28/2020, 01:10 PM
Updated 09/28/2020, 02:47 PM
© Reuters.

By Yasin Ebrahim – 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) (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. 

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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.

Latest comments

Never write stories . Purely it's known no retailers buying . How retailers buy with no job and money
ok..🙆‍♂️ My shorts got stomped out today. but I'm reloading tomorrow 😆
nasdaq composite up 161 pros. this guy dont check hes writings
Consider that the S&P was at about 3300 at the beginning of the year, and if it had an average year it would end around 3600-3700, so all of the chicken-littles that say it's overvalued aren't paying attention to major indicators and aren't putting this market in its proper context
The end is near lol
Buy long??
it is going up as much as the positivity rate of covid test results....merry-go-round....
Feels good to see the up side, when the economy makes a comeback higher then ever..
Duh not 🤣🤣
That's a record gain...I wish I bought into that lol
Give us 10000 billions stimulus to invest in stokes to boost economy, please!!
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