- White House and Senate reached a deal on coronavirus stimulus bill.
- S&P 500 Energy Index adds nearly 1% on Wednesday.
- Communication Services Index underperforms to weigh on Nasdaq.
Wall Street’s main indexes started the day in the positive territory on Wednesday but failed to gain traction as investors are waiting on the details of the $2 trillion coronavirus economic relief package. As of writing, the Dow Jones Industrial Average was up 0.5% on the day while the S&P 500 and the Nasdaq Composite were erasing 0.23% and 0.55%, respectively.
Energy shares continue to recover on Wednesday
Among the 11-major S&P 500 sectors, the Energy Index is up 0.95% on the day to lead the winners. On the other hand, the Communication Services Index is down 1.8% on the day, reflecting the dismal performance of the tech-heavy Nasdaq.
Earlier in the day, “bipartisan legislation goes a long way down the road in meeting the needs of the American people,” US House Speaker Nancy Pelosi said. Moreover, Senate Minority Leader Chuck Schumer noted that there will be $130 billion dedicated to the health care system in the package and added that state and local governments will receive $150 billion.
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