Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall Street ends choppy session higher as stimulus hopes ebb and flow

share with twitter share with LinkedIn share with facebook
10/01/2020 | 05:21pm EDT
New York Stock Exchange opens during COVID-19

Wall Street closed higher at the end of a whipsaw session on Thursday as investors juggled hopeful and pessimistic news on the progress of stimulus talks Washington amid signs of waning momentum of economic recovery from the pandemic recession, now entering its ninth month.

All three major U.S. stock indexes closed higher, with the Nasdaq in the lead and the Dow seeing the smallest gain.

A spate of data, including jobless claims and consumer spending, suggested that the plodding economic recovery could be losing steam.

Investors now look to the Labor Department's employment report expected Friday to further gauge the economy's progress.

In negotiations for a new pandemic relief deal, the White House countered House Democrats' $2.2 trillion package with a $1.5 trillion-plus proposal.

But an imminent deal seemed elusive after U.S. House Speaker Nancy Pelosi cautioned that Democrats and the White House remained locked in a debate over dollars an values.

"It's all about fiscal stimulus and the ball is in Congress' court," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. "We continue to believe they're inching closer and approaching the final inning, but the last stretch is often the hardest."

"We believe we'll have a deal before the election and both sides will claim victory," Detrick added.

The S&P 500 and the Nasdaq again got most of their support from large cap tech and tech-adjacent stocks, with Amazon.com, Microsoft Corp and Apple Inc providing the biggest boosts.

"With the disappointment out of Washington we see this move back to the safety trade of big tech," Detrick said. "Today is a microcosm of last six months."

The Dow Jones Industrial Average rose 35.2 points, or 0.13%, to 27,816.9, the S&P 500 gained 17.8 points, or 0.53%, to 3,380.8 and the Nasdaq Composite added 159.00 points, or 1.42%, to 11,326.51.

Of the 11 major sectors in the S&P 500, seven ended the session higher. Real estate was the largest percentage gainer, while energy companies were the biggest losers, down 3.1%.

With the books closed on the third quarter, market participants await earnings season, set to get underway in about two weeks.

Analysts currently see S&P 500 earnings, in aggregate, falling by 21.4% year-on-year according to Refinitiv.

Exxon Mobil Corp dropped 3.5% after it signaled a bigger-than-expected third quarter loss due to falling oil prices and plunging demand.

Shares for retailer Bed Bath & Beyond Inc soared by 25.1% after posting a surprise quarterly profit due to its booming online business.

Boeing Co rose 1.6% and after U.S. Federal Aviation Administration Chief Steve Dickson remarked "I liked what I saw" in the previous day's 737 MAX test flight.

Advancing issues outnumbered declining ones on the NYSE by a 2.18-to-1 ratio; on Nasdaq, a 1.99-to-1 ratio favored advancers.

The S&P 500 posted 12 new 52-week highs and no new lows; the Nasdaq Composite recorded 67 new highs and 40 new lows.

Volume on U.S. exchanges was 9.55 billion shares, compared with the 10.06 billion average over the last 20 trading days.

By Stephen Culp

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.94% 3181.0699 Delayed Quote.72.61%
APPLE INC. -3.64% 112.125 Delayed Quote.53.04%
BED BATH & BEYOND INC. -11.54% 21.065 Delayed Quote.22.77%
DJ INDUSTRIAL -3.18% 26629.59 Delayed Quote.-3.77%
EXXON MOBIL CORPORATION -3.76% 31.64 Delayed Quote.-54.74%
LONDON BRENT OIL -3.74% 39.08 Delayed Quote.-38.33%
LPL FINANCIAL HOLDINGS INC. -3.16% 77.04 Delayed Quote.-16.41%
MICROSOFT CORPORATION -4.12% 204.2 Delayed Quote.29.66%
NASDAQ 100 -3.20% 11206.563969 Delayed Quote.32.82%
NASDAQ COMP. -3.14% 11061.592722 Delayed Quote.27.40%
S&P 500 -2.98% 3285.52 Delayed Quote.4.95%
THE BOEING COMPANY -3.79% 148.7242 Delayed Quote.-54.15%
WTI -3.98% 37.335 Delayed Quote.-36.69%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
04:03pWALL STREET STOCK EXCHANGE : Wall Street sinks 3%, Dow at late July lows as pandemic surges
12:50pGold slides on dollar rally as U.S. stimulus remains elusive
12:00pBoeing deepens job cuts as profit slumps on 737 MAX, COVID crises
11:36aWorld Bank sanctions Chinese engineering firms in Zambian power project
11:16aNEWS HIGHLIGHTS : Top Global Markets News of the Day
11:16aNEWS HIGHLIGHTS : Top Company News of the Day
11:16aNEWS HIGHLIGHTS : Top Financial Services News of the Day
11:10aGhana government in talks to takeover AirtelTigo shares
10:52aGE's shares soar as earnings recover from pandemic lows
10:52aZambia wins deferral on China Development Bank loan repayments
Latest news "Economy & Forex"