Comic: Stimulus Hopes Boost S&P 500, Nasdaq To Best Week In Months
Investing.com
Published Oct 10, 2020 08:46AM ET
By Jesse Cohen
Investing.com - Stocks on Wall Street ended higher on Friday, with the S&P 500 and Nasdaq wrapping up their best week since early July amid optimism that U.S. lawmakers will agree on a new Covid-19 aid package.
On Friday afternoon, the Trump administration raised its offer for a new stimulus package to $1.8 trillion from $1.6 trillion, but it was still below the $2.2 trillion sought by Democrats.
President Trump later told radio talk show host Rush Limbaugh that he “would like to see a bigger stimulus package frankly than either the Democrats or Republicans are offering.”
Trump’s comments came after he abruptly ended aid talks with the Democrats earlier in the week.
U.S. stocks could face more volatility this week as investors focus on further clues on how stimulus negotiations are developing in Washington ahead of the looming November 3 election.
Markets will also be tested by the start of the third-quarter earnings season on Wall Street in the coming week.
JPMorgan (NYSE:JPM) and Citigroup (NYSE:C) report their results on Tuesday, followed by Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC) on Wednesday. Thursday will then see Morgan Stanley (NYSE:MS) report their earnings.
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