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
’ (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
just crossed above its 50-day moving average.
Dow Jones Industrial Average
climbed 60.92 points, or 0.2%. The S&P 500 was up 0.6% and the
rose 1% in Tokyo and the
added 0.2% in Seoul, while the
eased by 0.2%. The Stoxx Europe 600 was 1% higher, led by a 1.1% gain for the German
U.S. stocks rallied strongly on Wednesday, with the Dow gaining 530 points, after both President Donald Trump and House Speaker Nancy Pelosi indicated