Text size

White House chief of staff Mark Meadows is interviewed outside the White House on Oct. 7, 2020 in Washington, D.C.


Getty Images

Stocks gave up some of their morning gains on Thursday, after House speaker Nancy Pelosi said that she wouldn’t support a narrower stimulus bill including targeted aid for airlines. It remains all or nothing for a fiscal and coronavirus relief package, with party leaders still far apart on its size and scope.

Indexes across the globe were still holding on to modest gains, however, helped by a number of incrementally positive factors.

There was reason for optimism on the Covid-19 vaccine and treatment front, with President Donald Trump touting

Regeneron Pharmaceuticals

’ (ticker: REGN) antibody cocktail and the company saying it would seek emergency use authorization. Betting odds of a Democratic election victory in November ticked higher after Wednesday night’s vice-presidential debate, increasing the odds of a multi-trillion dollar fiscal stimulus bill should one party control Washington.

And although initial jobless claims remained high, continuing claims fell from a week ago and came in below economists’ consensus. Although at a slower pace than over the summer, the U.S. economy continues to recover. Technically minded traders noted that after a string of recent gains, the

S&P 500

just crossed above its 50-day moving average.

The

Dow Jones Industrial Average

climbed 60.92 points, or 0.2%. The S&P 500 was up 0.6% and the

Nasdaq Composite

gained 0.5%.

The

Nikkei 225

rose 1% in Tokyo and the

Kospi Composite

added 0.2% in Seoul, while the

Hang Seng

eased by 0.2%. The Stoxx Europe 600 was 1% higher, led by a 1.1% gain for the German

DAX.

U.S. stocks rallied strongly on Wednesday, with the Dow gaining 530 points, after both President Donald Trump and House Speaker Nancy Pelosi indicated