Dow climbs 153 points after Nancy Pelosi suggests stimulus deal is close
stocksclawed back early losses on Thursday to finish the day higher, driven by positive comments from House Speaker Nancy Pelosi on the potential for a fiscal stimulus deal.
- Pelosi told reporters that negotiations on another round of fiscal stimulus were "just about there," adding, "The president wants a bill — that's part of the opportunity that we have."
- New weekly jobless claims totaled 787,000 last week, coming in below the median economist estimate of 870,000 compiled by Bloomberg. It was also a marked decrease from the prior week's revised total.
- Watch major indexes update live here.
US stocks reversed an early decline and finished higher on Thursday as negotiations on another round of fiscal stimulus showed progress.
House Speaker Nancy Pelosi told reporters that talks with Treasury Secretary Steve Mnuchin were "just about there," adding, "The president wants a bill — that's part of the opportunity that we have."
But obstacles remain for another round of stimulus before the November election, as Senate Republicans have shown little appetite to pass anything but a skinny stimulus deal focused on extending aid to small businesses.
Here's where US indexes stood at the 4 p.m. ET market close on Thursday:
- S&P 500: 3,453.49, up 0.5%
- Dow Jones industrial average: 28,363.66, up 0.5% (153 points)
- Nasdaq composite: 11,506.01, up 0.2%
New weekly jobless claims totaled 787,000 last week, coming in below the median economist estimate of 870,000 compiled by Bloomberg. The reading was also a marked decrease from the previous week's revised total.
Elsewhere, existing-home sales in the US spiked to their fastest rate since 2006 as the housing-market boom accelerates, in part buoyed by an exodus to suburbs and record-low mortgage rates.
Tesla posted a record profit for the third quarter, beating analysts' estimates. The firm committed to its target of delivering 500,000 cars in 2020 despite interruptions caused by the COVID-19 pandemic. Shares moved higher on the solid earnings beat.
Gold fell as much as 1.5%, to $1,894.72 per ounce.
Read more: Big investors pay thousands of dollars for Danielle DiMartino Booth's research. The former Fed advisor explains how the central bank has distorted markets — and shares 2 areas where analytical traders can still find returns.
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