- S&P 500 is elevated into the closing hour on Wall Street.
- Bulls keep the bid in US stocks alive despite mixed outlooks over stimulus.
The S&P 500 index remains in bullish territory, up some 0.5% at 3,453 at the time of writing despite the mixed headlines surrounding progress in stimulus talks.
Instead, the market seems to be of the view that the US economy can continue on without immediate relief and that a landslide Democrat victory will seal the deal for a large package on time before the roll-off of the current aid.
On one hand, we have there are comments such as, ”Members have no idea what’s going on and they’re very worried about Mnuchin going too far and putting together a package they can’t vote for. They don’t trust Mnuchin. There’s hardly any trust there because they don’t think he’s a conservative,” Jeff Stein, the White House economics reporter for The Washington Post said.
On the other hand, we have US House Speaker Nancy Pelosi reporting progress in talks with the Trump administration for another round of financial aid.
She said the legislation could be hammered out “pretty soon”.
The latest jobs data from the US has also boosted sentiment.
The data showed initial claims for state unemployment benefits in the United States dropped 55,000 to a seasonally adjusted 787,000 last week, although the overall number was still relatively high.
A Reuters survey had forecast 860,000 claims in the latest week.
S&P 500 index levels
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