S&P 500, Nasdaq edge higher as investors cling to stimulus hopes

Cornelia Mascio
Ottobre 23, 2020

U.S. House Speaker Nancy Pelosi said negotiators were making progress in ongoing talks with the Trump administration for another round of financial aid.

However, White House economic adviser Larry Kudlow cautioned " significant policy differences" remained, which were unlikely to be resolved before the Nov 3 election. "But I think the market is getting accustomed to these rumors and each new rumor has less of an impact than it used to".

"The second stimulus as a topic has been kicking around for so long".

"And now it is strictly an emotional issue, a perception-in-the-market type of issue".

Data released before markets open showed 787,000 new jobless claims filed in the week ended October 17, much less than expected, but analysts pointed to worrying trends indicating more and more people heading towards long-term unemployment.

All 11 major S&P sector were up in early trading with financials tracking U.S. Treasury yields.

All eyes will be on the final presidential debate on Thursday night, where Trump will attempt to change the trajectory of the race that Democratic challenger Joe Biden seems to be leading, according to national polls.

At 9:47 a.m. ET, the Dow Jones Industrial Average was up 177.90 points, or 0.63 percent, at 28,373.32, the S&P 500 was up 23.91 points, or 0.70 percent, at 3,450.83.

Tesla Inc climbed 0.7% after the electric-car maker reported its fifth consecutive quarterly profit on record revenue of $8.8 billion.

The S&P 500 lost 56.44 points, or 1.62%.

Chipotle Mexican Grill Inc fell 5.6% as it posted a drop in quarterly profit, hurt by higher beef prices, delivery costs and coronavirus-related expenses.

Property and casualty insurer Travelers Cos Inc gained 3.3 percent as it beat quarterly profit expectations, while consumer products giant Procter & Gamble Co advanced 1.9 percent as it raised its full-year sales forecast.

Advancing issues outnumbered declining ones on the NYSE by a 1.90-to-1 ratio; on Nasdaq, a 1.68-to-1 ratio favored advancers.

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