Stocks finished higher after President Donald Trump said he’d be leaving the hospital Monday, and on optimism over a coronavirus-relief package.

The Dow Jones Industrial Average finished up 465 points, or 1.68%, to 28,148, the S&P 500 climbed 1.8% and the Nasdaq rose 2.32%.

Leading the Dow higher were Amgen  (AMGN) – Get Report and Travelers  (TRV) – Get Report.

The president spent the weekend at Walter Reed Medical Center, recovering from Covid-19. 

While Trump’s medical team was positive about his prognosis, some observers questioned the official details of Trump’s health. Trump’s blood oxygen level had dropped twice in recent days, and doctors had given him a steroid to treat his symptoms.

But in a tweet Monday, the president said he was “feeling really good” and would be leaving the hospital at 6:30 p.m. ET.

Trump tweeted from the hospital over the weekend that “OUR GREAT USA WANTS & NEEDS STIMULUS.”

“WORK TOGETHER AND GET IT DONE. Thank you!” he added.

Renewed hopes for stimulus talks between House Democrats and the White House also were giving stocks a boost.

House Speaker Nancy Pelosi said Friday that Trump’s diagnosis “kind of changes the dynamic” of the stimulus discussions.

Asked Sunday whether the tweet from Trump meant a coronavirus relief package was near, Pelosi responded, “No, it means that we want to see that they can agree on what we need to do to crush the virus.”

“We are encouraging clients to remain invested as additional fiscal stimulus should provide continued support for equity markets,” said Frank Panayotou, managing director at UBS Private Wealth Management. 

Even with the major stock indices close to all-time highs again, we remain constructive on equity markets given the extraordinarily supportive global monetary and fiscal policy.”

Stocks ended lower Friday after

Australia’s competition chief, Rod Sims, has warned big companies not to take advantage of the coronavirus crisis to nobble their competitors and set themselves up as monopolies.

a man wearing a suit and tie: Photograph: Joel Carrett/AAP

© Provided by The Guardian
Photograph: Joel Carrett/AAP

Stopping Australia emerging from the pandemic as an economy where even more power is concentrated in the hands of a few players is just one entry on a long to-do list kept by Sims, who has spent the crisis helping keep food on the shelves of supermarkets and stopping banks rushing to foreclose on bad loans by authorising companies to coordinate their behaviour in ways that would normally be against the law.

a man wearing a suit and tie: Australian Competition and Consumer Commission (ACCC) chairman Rod Sims.

© Photograph: Joel Carrett/AAP
Australian Competition and Consumer Commission (ACCC) chairman Rod Sims.

Sims has already taken action to keep competition alive in aviation – in March he publicly chastised the Qantas boss, Alan Joyce, for campaigning against any government support for weaker rival Virgin Australia, which at the time was teetering on the verge of collapse.

Related: ACCC orders ticket reseller Viagogo to pay $7m fine for misleading consumers

“Just because we’re watching has a profound effect, we see that every time,” Sims tells Guardian Australia.

“That will inhibit players taking action to knock off their competitors, but if it doesn’t we’re here to take action – either under the Act or through recommendations to government.”

Sims thinks getting Australia out of the recession caused by the business shutdowns, travel bans and other restrictive measures imposed by authorities to fight the virus will require plenty more government spending – something he is expecting to see in Tuesday’s budget.

At the same time as dealing with the financial effect of the virus, which has crushed an economy that was already struggling with weak growth, Sims and the regulator he chairs, the Australian Competition

The first presidential debate got personal right out the gate Tuesday night as Democratic presidential nominee Joe Biden called President Trump “the worst president America has ever had” and Trump said there is “nothing smart” about the former vice president.

Joe Biden wearing a suit and tie: President Trump challenges former vice president to take a side during first debate

President Trump challenges former vice president to take a side during first debate

The first showdown, which took place Tuesday night in Cleveland, Ohio and was moderated by “Fox News Sunday” anchor Chris Wallace, heated up quickly as Trump and the former vice president traded personal barbs as they fielded questions on ObamaCare, the Supreme Court and the coronavirus pandemic.

Leading up to the debate, sources close to the Biden campaign told Fox News that the former vice president wouldn’t engage in personal attacks or respond to any insults leveled against him by Trump.

But Biden, within the first half of the debate, slammed the president as a “liar” and a “clown” and repeatedly called on him to “shut up.”

“Would you shut up, man?” Biden said to Trump, calling him “unpresidential.”

Later, Biden cut Trump off again, saying: “Will he just shush for a minute?”

Meanwhile, the president slammed Biden, saying the former vice president is not “smart.”

“You graduated the lowest in your class,” Trump said to Biden, after he said the president should become “smart” with the coronavirus pandemic.

“Don’t ever use the word smart with me,” Trump said. “Nothing smart about you Joe.”

The president, when asked about his campaign rallies, said that Biden doesn’t hold events because “nobody shows up to his events.”

“People want to hear what I have to say,” Trump said.

The debate shifted to taxes. Biden vowed to repeal the “Trump tax code,” and the president cut him off questioning why he didn’t propose a better tax plan

A key top Federal Reserve official said Tuesday that he is not worried about inflation.

New York Fed President John Williams, who is a key adviser to Fed Chairman Jerome Powell, said that he doesn’t see any sign of high inflation.

“I”m not worried about inflation. Obviously if there were significant inflationary pressures with inflation taking off, we know how to respond to that. But I don’t see any signs of that,” Williams said, during a discussion sponsored by the Fisher Center for Real Estate & Urban Economics at the University of California, Berkeley.

Some analysts and Fed officials think that the economy is recovering so strongly that there will be bottlenecks that push up prices. Other economists note that wage growth, a critical component of inflation, remains subdued.

The Fed has promised to allow inflation to run moderately above its 2% target for some time before lifting rates off of zero.

Williams was relatively upbeat about the economy, saying he was optimistic that the strong recovery seen since June would continue for the rest of the year and into next year. He said he expected the economy would fully recover in about three years time.

Read:New York Fed’s Williams says Treasury market seizure in March underlines importance of central bank backstop

Other Fed officials have sounded more cautious about the downside risks given the economy is not through the pandemic.

Stocks were lower Tuesday as investors awaited the first presidential debate. The Dow Jones Industrial Average

  was down 134 points in early afternoon trading.

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