Wall Street’s main indexes rose to a one-month high on Thursday, Oct. 8, 2020. That same day President Donald Trump hinted that there has been some progress in stimulus negotiations. Data shows that the U.S. labor market is still struggling to gain momentum.
Trump’s claims come just two days after calling off all stimulus compensation discussions. According to Trump, some stimulus talks have been ongoing with the Democrats. These discussions have included adding more support for U.S. airlines and providing Americans with another stimulus check.
House Speaker Nancy Pelosi went on record stating there would be no further federal aid for U.S. airlines until a more comprehensive COVID-19 relief package was agreed upon. She added that she is hopeful for a larger deal.
Wall Street Documents Rises as Trump Talks About Stimulus Package
All of the 11 major S&P indexes were up on Thursday, with the energy sector tracking a spike in oil prices. Wall Street saw large gains in the real estate and utility sectors. The U.S. Treasury prices are also higher, which suggests a cautious mood across financial markets.
Before noon EST the Dow Jones Industrial Average was up 0.40 percent. The S&P 500 jumped up 0.68 percent and the Nasdaq Composite rose 0.60 percent. Coty Inc managed to jump 9.9 percent after they announced they were going to launch a website designed specifically to ship products to consumers.
Another company that saw a rise in percentages was the International Business Machines Corp; it rose 6.8 percent. This happened after the company said it was splitting itself into two public companies.
Eaton Vance Corp soared 47.9 percent after Morgan Stanley agreed to purchase the asset management firm for roughly $7 billion in cash and stock. Shares of the company Morgan Stanely rose 1.2 percent.
The S&P index has documented 52 new 52-week highs with no new lows. The Nasdaq documented 97 new highs with a total of seven new lows. People all over are hoping that Wall Street continues to see a rise in stocks.
Written by Sheena Robertson
Source:
Yahoo!: US STOCKS-Wall St hits one-month high as Trump signals stimulus progress; Sagarika Jaisinghani and Devik Jain
Reuters: Wall Street ends higher as Trump boosts hopes of stimulus; Caroline Valetkevitch
Inline Image Courtesy of Modesto del Río’s Flickr Page – Creative Commons License
Featured Image Courtesy of Dave Center’s Flickr Page – Creative Commons License
