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Wall Street closes higher on hope that partial coronavirus stimulus deal may occur

Stock MarketsOct 07, 2020 04:15PM ET
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© Reuters. The spread of the coronavirus disease (COVID-19) in New York

By Caroline Valetkevitch

(Reuters) - U.S. stocks closed sharply higher on Wednesday as investors regained optimism that at least a partial deal on more U.S. fiscal stimulus may happen.

After abruptly calling off negotiations on a comprehensive bill on Tuesday, President Donald Trump later that day urged Congress to pass a series of smaller, standalone bills that would include a bailout package for the airline industry battered by the coronavirus pandemic. Airline shares jumped.

Indexes held gains after the Federal Reserve released minutes from its last policy meeting. The minutes showed U.S. central bankers, having agreed unanimously in August on a broad new approach to monetary policy, were divided in September over how to apply their new principles in practice.

"The only reason we were down yesterday was the tweet from President Trump, which he walked back last night. That's why the market started off stronger and continued stronger. I think there's full-blown expectations that some form of stimulus agreement is going to occur sooner than later," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Top White House officials downplayed the possibility of more coronavirus relief, while House Speaker Nancy Pelosi disparaged Trump for backing away from talks on a comprehensive deal.

Unofficially, the Dow Jones Industrial Average (DJI) rose 529.45 points, or 1.91%, to 28,302.21, the S&P 500 (SPX) gained 58.38 points, or 1.74%, to 3,419.33 and the Nasdaq Composite (IXIC) added 210.00 points, or 1.88%, to 11,364.60.

Eli Lilly and Co (N:LLY) rose after saying it had submitted a request to the U.S. Food and Drug Administration for emergency use of its experimental COVID-19 antibody treatment.

With the presidential election just weeks away, focus later Wednesday may turn to a debate between Vice President Mike Pence and Democratic opponent Kamala Harris.

Reuters/Ipsos opinion polls released on Tuesday showed Democratic presidential candidate Joe Biden expanding his lead over Trump in battleground Michigan and the two candidates locked in a toss-up race in North Carolina ahead of the Nov. 3 election.

Investors also are preparing to hear soon from companies on the third quarter. Analysts expect earnings at S&P 500 companies to have dropped about 21% in the quarter from a year ago, according to IBES data from Refinitiv.

Wall Street closes higher on hope that partial coronavirus stimulus deal may occur
 

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Comments (34)
Bret Lafrance
Bret Lafrance Oct 07, 2020 10:58PM ET
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Earnings have dropped by 21% yoy, and yet the S&P is up by 13%, makes sense to me.
Bret Lafrance
Bret Lafrance Oct 07, 2020 10:54PM ET
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“Piecemeal stimulus” - “free money” - call it what it is, welfare for the stock class and it will not end well.
big profit
big profit Oct 07, 2020 4:31PM ET
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joker on the move....again...
GJ DJT
GJDJT Oct 07, 2020 2:48PM ET
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do nothing REPUBLICAN SENATE will not vote on whatever house passes.
Dan OGrady
Dan OGrady Oct 07, 2020 2:48PM ET
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They are not do nothing. Any hack conservative judge immediately gets approved
Dan OGrady
Dan OGrady Oct 07, 2020 2:41PM ET
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This is getting ridiculous with the market COMPLETELY overreacting to any tweet, whisper or rumor having anything to do with stimulus (positive or negative) whatsoever.
big profit
big profit Oct 07, 2020 2:41PM ET
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he's using his final few weeks to turn the market upside down for his own benefits...as simple as pressing the keyboard on his IPad...joker on the move..
Tricky Dick
TrickyDick Oct 07, 2020 2:14PM ET
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And what happens after we get this stimulus? Does the market go down because we are waiting for the next one?
Alex Connor
Alex Connor Oct 07, 2020 1:48PM ET
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MAGA! MAKE AMERICA GAY AGAIN!! #FDJT
Tricky Dick
TrickyDick Oct 07, 2020 1:27PM ET
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Tomorrow all the lemmings will be dumping because "hopes of stimulus" will be in jeopardy because Pelosi will say it's hopeless. Then on Friday, everyone will buy again, because Mnuchin will "hint" at a possible outside chance of minor stimulus. This is such a joke.
Jay West
Jay West Oct 07, 2020 1:27PM ET
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BUY THE DIP!
GJ DJT
GJDJT Oct 07, 2020 1:26PM ET
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WS is REPUBLICANS score card. more gambling continue.
Ravinder Gulati
Ravinder Gulati Oct 07, 2020 1:26PM ET
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Everyday a new hope
Tricky Dick
TrickyDick Oct 07, 2020 1:08PM ET
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This is such BS, who buys it? Stimulus on, Stimulus off, Hopes of Stimulus, Dreams of Stimulus. If stimulus is the only thing fueling the markets, we're screwed.
Paul Sutton
paulsmith007 Oct 07, 2020 1:08PM ET
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You can bet that Trump and his cronies are trading around the market prior to his tweets and maximizing their profits.
big profit
big profit Oct 07, 2020 1:08PM ET
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...yup...he's counting his days in the President Office...reap off everything that can be reap....wat a loser...
Shentong Lu
Shentong Lu Oct 07, 2020 1:03PM ET
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Trump 2020. President Donald J Trump is the best President in American history ever. MAGA, 4 more years!
MK MK
MK MK Oct 07, 2020 1:03PM ET
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From my point of view this is wrong statement. I can clearly see USA loses its undisputed leadership in the world. He killed Iranian general what is unacceptable. He handled very badly corobavirus, many times lied. High markets do not mean better living for majority of Americans, but it is better to ask Americans.I do want to see him elected because I believe USA will lose its world ****
MK MK
MK MK Oct 07, 2020 1:03PM ET
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:) D o m i n a t i o n
MK MK
MK MK Oct 07, 2020 1:03PM ET
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No idea this word is banned
Yisroel David
Yisroel David Oct 07, 2020 12:20PM ET
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What a joke of a report. The stimulus was dropped, but theirs a possibility of a piecemeal deal so the market is up? The market is up because people believe the market just goes up and therefore keep on buying, not because there's more hope for stimulus. There's a lot less hope than there was yesterday and yet the market rises.
Kelly Mayer
Kelly Mayer Oct 07, 2020 12:20PM ET
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True
Robert Cox
Robert Cox Oct 07, 2020 12:20PM ET
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You're right! Quite illogical for the markets to be going up at all.
João Pedro Coutinho
João Pedro Coutinho Oct 07, 2020 12:20PM ET
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I agree, what I see is that swing traders are jumping into any fall of the market only because, since march, the market goes up after a downfall. The problem is that those traders are only seeing a few months of stock market. It will end as it always ends, it may take a few years or even a few days, how knows, but as Warren Buffett says “the rules work” (is rules).
Yisroel David
Yisroel David Oct 07, 2020 12:20PM ET
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João Pedro Coutinho isn't that yhe definiguon of a bubble?
MK MK
MK MK Oct 07, 2020 12:13PM ET
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Are Americans so poor that they need so much help from state? Trillions few months ago and now again? USA do not seem to be great country at all :)
hawt monkey
HawTMonKeY Oct 07, 2020 12:13PM ET
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filthy rich guys want stimulus to boost their ponzi stocks
Amit Patel
Amit Patel Oct 07, 2020 12:13PM ET
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Rich people got the majority of the stimulus. They want another go around. The poor and middle class usually get crumbs from these deals.
Picaso Fish
Picaso_Fish Oct 07, 2020 12:13PM ET
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You don't get it. America is home if the capitalist's that small .3 percent of the population that owns and controls everything. That's what makes America great. Who cares if there's mass poverty? What matters is the interests of the top 0.3 percent. To say otherwise is communist socialist and disgusting! That's anti american! At least that's what proud American's tell me. I never understood why that was so great but whatever
Picaso Fish
Picaso_Fish Oct 07, 2020 12:13PM ET
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home to the capitalists... auto correct is so bad
Abhishek Bal
Abhishek Bal Oct 07, 2020 12:13PM ET
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hawt monkey   Absolutely. If anything, the deep pockets got deeper in the pandemic. At will they shorted the market making the neo Robinhoods pay and at will they longed it funded again by the Robinhoods. They have total disregard for the fundamentals of market. And now they are asking for more channelized through the Robinhoods
Crypto Hunter
Crypto Hunter Oct 07, 2020 12:10PM ET
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the word HOPE just reminds me back when the covid-19 started to attack...these writers really love this word.
Dan OGrady
Dan OGrady Oct 07, 2020 12:06PM ET
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I would not be surprised at all if the ridiculously selfish Trump is taking advantage of the gullible/overreacting markets and buying SPY puts then tweeting something negative about stimulus, waiting out the guaranteed immediate drop, then buying a call and tweeting something positive
big profit
big profit Oct 07, 2020 12:06PM ET
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i was thinking like that too..if only i can know his next.move...buy some popcorns..sit back and enjoy the show for another 3weeks...
perplexed76 .
perplexed76 . Oct 07, 2020 11:36AM ET
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it looks like the markets just welcoming a new president.
Andrew carson
Andrew carson Oct 07, 2020 11:36AM ET
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If Hiden ever one the market would crumble.
Leon Kelly
Leon Kelly Oct 07, 2020 11:34AM ET
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I'm not even watching technicals anymore I'm just following trump twitter
Lakshmana Reddy
Lakshmana Reddy Oct 07, 2020 11:34AM ET
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🤣🤣
Abhishek Bal
Abhishek Bal Oct 07, 2020 11:34AM ET
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May be I should do the same. You have  a point
Attila Bakk
Attila Bakk Oct 07, 2020 11:34AM ET
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What are technicals!?
big profit
big profit Oct 07, 2020 11:34AM ET
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i'd just sign up for twitter today...the only oeraon i follow was DT the Joker...
Sam Same
Sam Same Oct 07, 2020 11:34AM ET
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yeah be like all the lemmings who panicked yesterday over one tweet and sold their whole portfolio. You guys are absolute jokes gambling like emotional anemic pubescent tweens.
Les Rado
Les Rado Oct 07, 2020 11:01AM ET
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Reported, his body mass is 30 is considered obese, brain mass -50
Yisroel David
Yisroel David Oct 07, 2020 10:56AM ET
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Wvery time the market dropped we heard about ut being blamed on fear about stimulis. Where are all those experts now?
Yisroel David
Yisroel David Oct 07, 2020 10:56AM ET
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The market hasnt been sesnsible and thats the real reason for why its continuously gone upwaords.
Jason Zou
Jason Zou Oct 07, 2020 10:53AM ET
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Never trust Liar King with anything.
Les Rado
Les Rado Oct 07, 2020 10:51AM ET
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And the real SLN president will have a new job soon I cannot wait
John Wicked
John Wicked Oct 07, 2020 10:41AM ET
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So... did it shook off the shake off?
Robert Cox
Robert Cox Oct 07, 2020 10:41AM ET
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Until tomorrow. Then the headline will read "Market Drops As Hope for Deal Fades"
Jay West
Jay West Oct 07, 2020 10:27AM ET
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The Art of the Deal(Yes I know he did not write it, but he certainly follows the philosophy. MAGA! No government bailouts!
Plopseven Schwartz
Plopseven Schwartz Oct 07, 2020 10:27AM ET
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You’re joking, right?
Jan Skilbrei
Jan Skilbrei Oct 07, 2020 9:58AM ET
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do the job; mention he tweeted will bill out to airlines ++
 
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