Stocks jumped Monday morning, following global equities higher, as the major indices looked to recuperate some of their losses over the past several weeks.
The Dow gained more than 400 points, or 1.5%, shortly after market open Monday, after the index posted its fourth straight weekly loss last week. The S&P 500 rose by about 1.5% as well, as shares of Apple, Amazon, Facebook, Microsoft, and chipmakers including Nvidia, Intel and Advanced Micro Devices advanced. “Reopening” stocks including airlines like American Airlines and Delta, and cruise lines including Carnival Cruise Line also rallied ahead of the opening bell.
Hopes that US lawmakers might still pass another coronavirus stimulus package before the November election helped buoy risk assets, with another round of relief set to provide support to individuals and businesses hardest hit by the pandemic.
House Speaker Nancy Pelosi told CNN’s “State of the Union” on Sunday” that the Democrats would soon unveil a new proposal of more than $2 trillion – a step down from the more than $3 trillion House Democrats had sought previously, but a figure still higher than the about $1.5 trillion the Trump administration suggested would be its upper bound for further virus-related relief measures. Earlier in the week, Treasury Secretary Steven Mnuchin said he and Pelosi agreed to hold to more talks to try and work out a deal.
“When I have a conversation with the administration it is in good faith. I trust Secretary Mnuchin to represent something that can reach a solution, and I believe we can come to an agreement,” Pelosi said during the interview with CNN on Sunday.
Investors Monday morning at least temporarily shrugged off concerns over a likely confirmation fight for the next Supreme Court justice. President Donald Trump named Judge Amy Coney Barrett as his now third nominee to the country’s highest court, with Senate Republicans, who hold a 53-47 majority in their chamber, suggesting they would be moving quickly to confirm her before the election despite outcry from Democratic lawmakers.
Elsewhere, incrementally more positive economic data out of China also boosted early sentiment on Monday. Industrial profits in the country surged 19.1% in August for a fourth straight monthly gain, the country’s statistics bureau reported on Sunday, reflecting a sustained recovery in the economy of the country first hit by the pandemic.
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9:31 a.m. ET: Stocks open higher as markets shake off past weeks’ losses
Here were the main moves in markets, as of 9:31 a.m. ET:
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S&P 500 (^GSPC): +51.87 points (+1.6%) to 3,298.46
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Dow (^DJI): +358.56 points (+1.34%) to 27,173.96
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Nasdaq (^IXIC): +164.38 points (+1.55%) to 11,074.08
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Crude (CL=F): +$0.37 (+0.92%) to $40.62 a barrel
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Gold (GC=F): +$9.40 (+0.5%) to $1,875.70 per ounce
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10-year Treasury (^TNX): unchanged to yield 0.659%
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7:31 a.m. ET Monday: Stocks point to a higher open
Here were the main moves in equity markets, as of 7:31 a.m. ET Monday:
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S&P 500 futures (ES=F): 3,328.5, up 1.25 points or 1.25%
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Dow futures (YM=F): 27,378.00, up 335 points or 1.24%
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Nasdaq futures (NQ=F): 11,315.00, up 178.5 points, or 1.6%
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Crude (CL=F): +$0.05 points (+0.12%) to $40.30 a barrel
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Gold (GC=F): -$5.60 (-0.3%) to $1,860.70 per ounce
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10-year Treasury (^TNX): +1.5 bps to yield 0.674%
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Stock market news live updates: Stock futures jump, Dow futures gain 300+ points - Yahoo Canada Finance
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