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  • The Dow Jones Industrial Average rallied 44.81 points, or 0.15%.
  • The S&P500 added 14.08 points, or 0.39%.
  • The Nasdaq Composite put on 103.11 points, or 0.87%.

Wall Street’s benchmarks finished the day in positive territory on Thursday as investors cheered the news of fresh stimulus talks toward the end of a session.

Record numbers of coronavirus cases have caused COVID hospitalizations to jump by 50% and have prompted restrictions.

Schools and businesses have closed once again, thwarting the recovery of the world’s largest economy from the deepest recession since the Great Depression.

As such, mounting shutdowns linked to spiralling COVID-19 infection rates have threatened prospects of an economic recovery, but Senate Minority Leader ChuckSchumer said Senate Majority Leader Mitch McConnell had agreed to revive fiscal aid and stimulus talks.

Subsequently, risk markets bounced on the news as the optimism kicks in again.

The Dow Jones Industrial Average rallied 44.81 points, or 0.15%, to 29,483.23, the S&P500 SPX added 14.08 points, or 0.39%, to 3,581.87 and the Nasdaq Composite put on 103.11 points, or 0.87%, to 11,904.71.

Of the 11 major sectors in the S&P 500, energy SPN and tech shares S5INFT gained the most.

Meanwhile, the third-quarter reporting season is drawing to the close, with 472 of the companies in the S&P 500 having reported. Of those, 84.5% have beaten consensus, according to toRefinitiv data.

Reuters reports that ”Macy’s Inc M reported a 20% plunge in quarterly same-store sales and the department store forecast a tough holiday season. Chipmaker Nvidia Corp NVDA forecast a slight dip in data centre chip sales but the company beat quarterly revenue expectations.

L Brands Inc LB surged 17.7% after posting better-than-expected quarterly results and a56% jump in same-store sales.

Tesla Inc TSLA shares rose for the third straight session to touch a record high, riding the wave of its pending inclusion in the S&P 500, announced on Monday.” 

 

 

 

 

 

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