Wall St. ekes out gains as Trump boosts stimulus hopes

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 Wall St. ekes out gains as Trump boosts stimulus hopes

On Thursday, all three key indices of Wall Street had winded down the day modestly higher, while a string of upbeat remarks from the still-infected US President Donald Trump had fuelled up the hopes of a “skinny” fiscal support.

In point of fact, comments from the US President Donald Trump had been the major market mover for the US stocks on Thursday, while investors appeared to be downplaying a slew of softer economic data signalling a besieged US labour market that has been struggling to regain tractions lately.

In tandem, adding a bullish wind to investors’ morale, Trump was quoted as saying in an interview with Fox News aired earlier in the day that the US Congress resumed talks over a smaller & sector-oriented pandemic relief bill, however, just two days earlier the US President Donald Trump had called off negotiations of a comprehensive relief bill.

Nevertheless, although the late-afternoon trading was choppy and mostly cachexic in nature, Wall Street indexes added to gains after a White House spokeswoman had said that the US President Donald Trump had been looking to a “smaller” and “skinny” pandemic relief bill.

Wall St. extends gains after progress in stimulus talks

Besides, as the US Speaker Nancy Pelosi was quoted saying earlier in the day that the legislation to aid an ailing US aviation industry, had been a matter of national security, but it would only be allowed to pass through the US Congress with guarantees to work out the comprehensive deal that the US President Donald Trump had called off a couple of days earlier.

Citing statistics, on Thursday’s Wall St. round off, the trade-sensitive Dow rose 0.43 per cent to 28,425.51 and S&P 500 surged 0.80 per cent to 3,446.83, while the tech-heavy Nasdaq soared 0.50 per cent to wrap up the day at 11,420.98.

The S&P energy index led the rally on Thursday with a percentage gain of 3.8 per cent following a prudent rise in crude oil futures’ prices, cementing a two-day long gaining streak for the US stocks. Meanwhile, addressing a burgeoning market noise over a pandemic relief bill, a chief market strategist at National Securities in New York, Art Hogan said in the day’s Wall Street closure, “We’re clearly being pushed around by the prospect of getting further fiscal stimulus.

That’s entirely the driver. The market is just reacting to every utterance of where we stand on fiscal policy.