Market optimism about the United States’ (US) fiscal stimulus to overcome the impact of the coronavirus has become a support for Wall Street’s movement. As a result, the three major indexes have jumped sharply this week, with the S&P 500 and NASDAQ100 posting their biggest weekly percentage gains since July. Friday (9/10), the Dow Jones Industrial Average rose 161.39 points or 0.57% to 28,586.9. The S&P 500 index also rose 30.31 points or 0.88% to 3,477.14 and the NAS100 Composite index added 158.96 points or 1.39% to 11,579.94 positions. If you are also interested in NASDAQ100, you can simply visit http://www.volatility75.net/nas100brokers.html to hire top brokers who deal with this index.
As a result, the S&P 500 index gained 3.8% and the US100 soared 4.6%, the biggest weekly percentage gain since July. At the same time, the Dow Jones was up 3.3%, its biggest weekly gain since last August.
The biggest boost for the stock market comes from the potential for further talks about the Covid-19 stimulus package. This is likely to happen even though US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach an agreement on Friday.
Mnuchin submitted a new proposal on Friday afternoon, but an aide to Pelosi said that it did not have a broad plan to deal with what the coronavirus pandemic had caused.
Indeed in recent weeks, Wall Street’s moves have been determined by headlines about fiscal aid, with the three main indexes falling on Tuesday after US President Donald Trump canceled negotiations.
However, since then, Trump has indicated that he is willing to continue discussions with the Democratic Party Congress.
Trump’s sudden turnaround in terms of a support package made the market reacted quite well, A lot of it is political, but a lot of people believe that the economy needs some support, and that’s a good thing.
On the other hand, strategists say investors are also starting to digest the possibility of Democratic candidate Joe Biden winning the presidential election on November 3 after debates that broke out last month led to a surge in his lead over Trump in several national polls.