- US stocks edge higher on the back of optimism over a pre-election stimulus.
- Talks will continue this Wednesday amid opposition from the Republican party.
Major US equity indices opened higher on Wednesday amid growing confidence that US lawmakers can come to an agreement over a new coronavirus relief package.
The US President Donald Trump raised hopes for a stimulus breakthrough and said that he was willing to accept a larger aid bill. White House chief of staff Mark Meadows added to the optimism and said that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made good progress on stimulus talks.
Investors, however, remained sceptic on the back of opposition from Trump’s own Republican Party. Negotiations are set to continue on Wednesday and anything indicating that both the parties are leaning towards a deal would provide an additional boost to the broader market sentiment and fuel the intraday positive momentum.
At the time of writing, the Dow Jones Industrial Average was up over 100 points and the broader S&P 500 index added 20 points for the day. Meanwhile, tech-heavy Nasdaq Composite Index rallied around 80 points despite disappointing results from pandemic highflier Netflix.
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