Stimulus Talks Roll on, Stocks Jump - InvestingChannel

Stimulus Talks Roll on, Stocks Jump



Stocks rose on Wednesday as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue their negotiations on a new fiscal stimulus package.

The Dow Jones Industrials strengthened 77.9 points to begin Wednesday at 28,386.69.

The S&P 500 added 19.16 points to 3,462.03.

The NASDAQ hiked 84.47 points to 11,600.96.

A slew of companies reported quarterly earnings after the bell on Tuesday, most notably Netflix. Shares of the streaming giant slipped 5.7% after the company missed earnings estimates, and reported fewer-than-expected subscriber additions. On the other hand, shares of Snap jumped 22% after the company reported a surprise earnings beat.

White House chief of staff Mark Meadows said Pelosi and Mnuchin have made “good progress” on stimulus talks. He added, however, that they “still have a ways to go” before an agreement is reached.

Following Pelosi and Mnuchin’s meeting on Tuesday, Meadows told reporters the two will talk again on Wednesday, and that he hopes to see “some kind of agreement before the weekend.”

Prices for the 10-Year Treasury retreated, lifting yields to 0.81% from Tuesday’s 0.79%. Treasury prices and yields move in opposite directions.

Oil prices slumped 67 cents at $41.03 U.S. a barrel.

Gold prices climbed $14.40 to $1,929.80