(Reuters) – U.S. stocks rose on Friday and the S&P 500 and Nasdaq registered their biggest weekly percentage gains since July as optimism over more federal fiscal aid grew.

Talks were expected to continue on a COVID-19 stimulus package, even though U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed on Friday to reach agreement.

Mnuchin floated a new proposal Friday afternoon, but an aide for Pelosi said it lacked a broad plan to contain the pandemic.

Recent trading on Wall Street has been dictated by headlines on fiscal aid, with the three main indexes tumbling on Tuesday after U.S. President Donald Trump called off negotiations. He has since indicated he was willing to resume discussions.

“The market’s reacting well to Trump’s sudden turnaround in terms of a support package,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York. “A lot of this has been politics, but a lot of people believe the economy really needs some economic support here, so that’s a good thing.”

The S&P 500 technology shares rose 1.5%, and the sector gave the S&P 500 its biggest boost. The small-cap Russell 2000 index climbed 6.4% for the week, posting its biggest percentage gain since early June.

The Dow Jones Industrial Average rose 161.39 points, or 0.57%, to 28,586.9, the S&P 500 gained 30.31 points, or 0.88%, to 3,477.14 and the Nasdaq Composite added 158.96 points, or 1.39%, to 11,579.94.

For the week, the S&P 500 rose 3.8% and the Nasdaq climbed 4.6%, their biggest weekly percentage gains since July. The Dow added 3.3%, its biggest weekly gain since August.

Strategists say investors have also begun to digest the possibility of Democratic candidate Joe Biden winning the Nov. 3 presidential election after a fractious debate last month led to a

America’s biggest financial institutions are backing Democratic nominee Joe Biden, banking on a “blue wave” to boost the economy, a message that Biden’s running mate, Sen. Kamala Harris, touted during Wednesday night’s debate.

“Joe Biden’s economic plan, Moody’s — which is a reputable Wall Street firm — has said will create 7 million more jobs than Donald Trump’s,” Harris said as she faced off against incumbent Mike Pence.


Despite Biden’s promises to raise taxes on corporations and the wealthy and regulate banks more tightly, he has raked in five times as much as Trump in donations from the securities and investment industry, with an eye-popping sum of $51.1 million. The incumbent has garnered just $10.5 million, according to OpenSecrets.

Employees from Goldman Sachs have contributed $156,584 to Biden’s campaign, JPMorgan Chase has raised $379,057, and $257,821 has come from Morgan Stanley.

The same leaders in the banking sphere have contributed significantly less to Trump and outside groups supporting the Republican, to the tune of $11,943 from Goldman Sachs, $86,083 from JPMorgan Chase, and $96,010 from Morgan Stanley.

Additionally, backers from Wells Fargo have poured $267,000 into efforts to clinch a Democratic win while giving just $194,000 to Trump.


From Bank of America, Biden has raised $275,200, compared with Trump’s $164,911.

Earlier in the campaign, more progressive candidates such as Sen. Bernie Sanders, I-Vt., blasted corporate donations.

During his failed run for the White House, Sanders said he didn’t want to be beholden to banks or mega-donors.

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(RTTNews) – Stocks moved mostly higher during trading on Friday, extending the upward move seen over the course of the two previous sessions. With the continued advanced, the major averages once again ended the session at their best closing levels in over a month.

The major averages all closed firmly positive, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq jumped 158.96 points or 1.4 percent to 11,579.94, the Dow climbed 161.39 points or 0.6 percent to 28,586.90 and the S&P 500 advanced 30.30 points or 0.9 percent to 3,477.13.

For the week, the Nasdaq soared by 4.6 percent, while the S&P 500 and the Dow surged up by 3.8 percent and 3.3 percent, respectively.

Continued optimism about a new stimulus bill contributed to the strength on Wall Street, as traders kept a close eye on the latest developments in Washington.

The major averages showed a notable move to the upside in late morning trading after President Donald Trump suggested he was once again in favor of a broad relief package.

“Covid Relief Negotiations are moving along. Go Big!” Trump tweeted before later telling Rush Limbaugh he would like to see a bigger stimulus package than either the Democrats or Republicans are offering.

Trump’s comments came amid reports that the White House was planning to offer a $1.8 trillion package, which is up from the administration’s previous $1.6 trillion proposal but still below the $2.2 trillion bill passed by House Democrats.

House Speaker Nancy Pelosi’s deputy chief of staff Drew Hammill later said Treasury Secretary Steven Mnuchin had “returned to the table with a proposal that attempted to address some of the concerns Democrats have.”

“Of special concern, is the absence of an agreement on a strategic plan to crush the virus,” Hammill tweeted. “For this and other provisions,

“It’s still all about stimulus at this point: we’re seeing markets move on optimism that some kind of package is going to get done,” Esty Dwek, head of global market strategy at Natixis Investment Managers, told the Wall Street Journal’s Anna Hirtenstein and Ben Eisen. 

At the same time, the political mood was trending in the opposite direction. Treasury Secretary Steven Mnuchin, President Trump’s lead negotiator, told House Speaker Nancy Pelosi (D-Calif.) that the president wanted to pursue a comprehensive package, a Pelosi spokesman said, according to Erica Werner and Jeff Stein. Yet as Mnuchin made the assertion to Pelosi on a phone call, White House spokeswoman Alyssa Farah told reporters that Trump wanted a “skinny” bill, only extending aid to airlines, forgivable loans to small businesses and another round of stimulus checks to individuals.

“We’ve made very clear we want a skinny package,” Farah said. 

In fact, Trump has been all over the place. 

Trump, tweeting from the Bethesda military hospital where he was being treated for coronavirus on Saturday, urged both sides to come to an agreement. By Tuesday, he sent stocks into a selloff by tweeting that he was calling off talks altogether before the election. Then he staked out his support for a more targeted bailout in a series of tweets later Tuesday night. Trump came all the way back around to pulling for a comprehensive deal after seeing the stock market reaction to his move to cancel talks altogether, Axios reports. 

Stocks opened higher Thursday after Trump, in an interview on Fox Business Network, affirmed his interest in such a deal. “I shut down talks two days ago because they weren’t working out. Now they‘re starting to work out,” the president said. “We’re talking about airlines. And we’re talking about a bigger deal than

BEIJING (AP) — Global stock markets and Wall Street futures rose Friday after President Donald Trump said talks had resumed on an aid package for the struggling U.S. economy.

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in the rain in Tokyo Friday, Oct. 9, 2020. Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy. (AP Photo/Eugene Hoshiko)

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A man walks past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in the rain in Tokyo Friday, Oct. 9, 2020. Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy. (AP Photo/Eugene Hoshiko)

London and Frankfurt opened higher. Shanghai and Sydney advanced. Tokyo and Hong Kong declined.

Wall Street gained Thursday after President Donald Trump, who earlier called off negotiations with legislative leaders, said “very productive” talks had begun. Separately, a report indicated the near-record pace of U.S. job losses might be slowing.

Stock prices have been volatile since mid-September as investors swing between optimism about possible development of a coronavirus vaccine and unease that markets recovered too fast and shares are too expensive.

“When the world’s financial markets are at the mercy of the randomness emanating from the White House, it is hardly surprising that investors elsewhere would prefer to wait on the side-lines,” said Jeffrey Halley of Oanda in a report. “Unfortunately, things are unlikely to settle down over the next few weeks.”

In early trading, London’s FTSE 100 gained 0.3% to 5,998.38 and the DAX in Frankfurt added under 0.1% to 13,051.30. The CAC 40 in Paris was up 0.5% at 4,935.11.

On Wall Street, futures for the benchmark S&P 500 index and Dow Jones Industrial Averages were up 0.4%.

In Asia, the Shanghai Composite Index, resuming trading after a weeklong holiday, rose 1.7% to 3,272.08. The Nikkei 225 in Tokyo lost 0.1% to 23,619.69 and the Hang Seng in Hong Kong shed XXX.

Sydney’s S&P-ASX