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MarketScreener Homepage  >  Indexes  >  USA  >  S&P 500    SP500

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Stocks end choppy session higher on stimulus hope

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10/01/2020 | 06:44pm EDT

A choppy start to the fourth quarter as investors monitored stimulus talks in Washington.

After a volatile session, the Dow finished with a small, 35 point gain on Thursday. The S&P 500 rose 17. The Nasdaq gained 159.

Far apart - that's how the two sides trying to agree on a new economic stimulus package in Washington seemed Thursday.

Speaker of the House Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone but failed to reach an agreement.

The Democrats have proposed a $2.2 trillion package with demands for protections for small businesses, healthcare and for the millions of Americans thrown out of work. The White House has countered with a $1.6 trillion offer.

Victoria Fernandez is chief market strategist at Crossmark Global Investments.

"Well, I think if we do get a stimulus package, if that comes into play, we're obviously going to see some kind of a rally in the market, maybe not a huge rally, because you still have the uncertainty around the election and some other issues that are playing with the markets as well. But you'll see a bump up in the markets. If not, I think we'll stay pretty much how we are currently. As long as we see cities continue to open up, and that's going to be key."

The debate over the size of another stimulus package comes amid signs of a waning economic recovery.

The number of Americans who filed for new jobless benefits dropped last week to 836,000 but remain at recessionary highs.

Some 26-1/2 million Americans received government unemployment assistance through mid-September.

In separate data, consumer incomes were down, spending was up and manufacturing activity held steady. Bed Bath and Beyond was one of the stocks of the day. The retailer posted a surprise profit thanks to a 90 percent surge in online sales, responsible for the company's best sales growth in four years. The stock saw a huge one-day rally of 25 percent.


Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -2.53% 27620.47 Delayed Quote.-0.71%
NASDAQ 100 -1.84% 11483.52984 Delayed Quote.33.89%
NASDAQ COMP. -1.86% 11339.810094 Delayed Quote.28.71%
S&P 500 -2.10% 3393.64 Delayed Quote.7.26%
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Top / Flop S&P 500
ABIOMED, INC. 287.405 Real-time Estimate Quote.2.13%
AMERICAN ELECTRIC POWER 93.295 Real-time Estimate Quote.1.54%
CONSOLIDATED EDISON, INC. 82.575 Real-time Estimate Quote.1.19%
KROGER 33.08 Real-time Estimate Quote.0.98%
ETSY, INC. 139.155 Real-time Estimate Quote.0.95%
APACHE CORPORATION 8.575 Real-time Estimate Quote.-7.60%
NORWEGIAN CRUISE LINE HOLDINGS LTD. 16.775 Real-time Estimate Quote.-8.58%
CARNIVAL CORPORATION & PLC 14.035 Real-time Estimate Quote.-8.63%
HASBRO, INC. 83.48 Real-time Estimate Quote.-9.26%
ROYAL CARIBBEAN CRUISES LTD 58.14 Real-time Estimate Quote.-9.83%
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