Shares of industrial and transportation companies rose as investors looked past the diminishing likelihood of a stimulus bill in the short term.
House Speaker Nancy Pelosi (D., Calif.) and Treasury Secretary Steven Mnuchin remain at odds over whether to include a national plan for coronavirus testing in a new economic relief package, her spokesman said, noting that the two talked for about an hour Wednesday. "It's the same story -- Mnuchin kind of put cold water on" expectations for a deal, said Oliver Pursche, an independent market strategist.
"I don't think a stimulus package is likely to emerge before the election, because there's no pressure on politicians on either side to get it done." Still, Mr. Pursche said, there are enough signs of a deal emerging in the next six months or so for the stock market to remain relatively steady. "There's the belief that it will happen, but it'll happen after the election."
General Electric shares rose after the industrial conglomerate struck a deal with Uber Technologies to develop an "air taxi."
Write to Rob Curran at firstname.lastname@example.org
(END) Dow Jones Newswires