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US close: Stocks close higher as stimulus talks remain in focus

Mon, 12th Oct 2020 21:09

(Sharecast News) - US stocks closed higher on Monday as stimulus talks remained in focus for yet another session.
At the close, the Dow Jones Industrial Average was up 0.88% at 28,837.52, while the S&P 500 was 1.64% firmer at 3,534.22 and the Nasdaq Composite saw out the session 2.56% stronger at 11,876.26.

The Dow Jones closed 250.62 points higher on Monday, extending gains recorded on Friday as talks on Capitol Hill consumed the majority of market participants' attention.

As far as Monday was concerned, those same stimulus talks in Congress remained in focus for yet another week.

With roughly three weeks until the US election, Democratic candidate Joe Biden's widening lead in the polls may very well indicate that a substantial fiscal package could be on the horizon if his party can take Congress.

With that said, the most investors can really seem to count on at present appears to be a slim, targeted package aimed at addressing certain areas where waiting for stimulus was out of the question, such as the aviation sector.

Both House Speaker Nancy Pelosi and Senate Republicans have pushed back on a $1.8trn offer from the White House, above the $1.6trn offered previously and well beyond the $1trn cap Republicans were aiming for, with Pelosi highlighting what she branded as insufficient offers on healthcare issues.

"The news is filled with the numbers in terms of dollars. The heart of the matter is: can we allow the virus to rage on and ignore science as the Administration proposes, or will they accept the scientific strategic plan in the Heroes Act to crush the virus," Pelosi said.

Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows also called for a separate vote on the Paycheck Protection Program in a letter to Congress on Sunday.

No major data points were released on Monday.

While things were also quiet on corporate front on the first day of the new week, third-quarter earnings season will kick off later in the week - with multiple major banks and airlines set to publish results, including JPMorgan Chase and Delta Air Lines on Tuesday.

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