S&P 500, Dow book 4th days of gains, Nasdaq adds 6th, as market awaits more pandemic aid
U.S. stocks closed higher Wednesday, leaving the Nasdaq Composite Index with its 31st record close this year, as investors embraced corporate earnings and service-sector data that surprised to the upside.
Reports of some progress in Congress toward a fresh coronavirus relief package also offered some support for the bulls.
The Dow Jones Industrial Average DJIA, rose 373.05 points, or 1.4%, to settle at 27,201.52, its largest daily percent gain since July 14, while the S&P 500 SPX, gained 21.26 points, 0.6%, to end at 3,327.77. The Nasdaq Composite Index COMP, added 57.23 points, 0.5%, closing at 10,998.40, after briefly setting an intraday 11,002.11 record high.
On Tuesday, the Dow picked up 164.07 points, or 0.6%, at 26,828.47; the S&P 500 index rose 11.90 points, or 0.4%, to 3,306.51, while the Nasdaq Composite Index finished 38.37 points, or 0.4%, to close at 10,941.17.
The stock market closed higher Wednesday, supported by hopes for progress toward another fiscal relief package in Congress and better than expected corporate earnings results.
Late Tuesday, reports suggested that, Trump administration officials and congressional Democratic leaders are working to reach a coronavirus aid bill deal by the end of the week even if the parties still remain far apart on the issues.
As lawmakers wrangle over additional pandemic aid, House Speaker Nancy Pelosi on Wednesday said the Trump administration might be able to unilaterally extend the federal moratorium on tenant evictions put in place in March by the CARES Act that expired on July 25.
“It’s all about the prospects of a stimulus package and earnings that have been coming in, for the most part, better than expected,” Peter Cardillo, chief market economist, Spartan Capital told MarketWatch. “So, the ...
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