Summary List Placement
US stocks gained on Friday as Wall Street monitored Washington for updates to stimulus negotiations. House Speaker Nancy Pelosi previously said she hopes to reach an agreement before the weekend, and said Thursday that Democrats and the White House are "just about there" on a compromise. Still, Senate Republicans are poised to block the measure, and odds a bill can pass ahead of Election Day are dwindling. Oil futures edged higher, with West Texas Intermediate crude climbing as much as 0.8% to $40.64 per barrel. Watch major indexes update live here.
US equities rose on Friday as investors held out hope for a stimulus agreement between the White House and Democrats ahead of their end-of-week deadline. Odds for a pre-election spending deal are slim. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to hold talks on a measure less than two weeks before Election Day. Pelosi indicated Thursday that the two groups are "just about there" on reaching an agreement. The speaker previously said she aims to finalize a deal before this weekend. Still, Senate Republicans are all but certain to ignore the bill on grounds that it costs too much. Democrats blocked Republicans' $500 billion skinny bill on Wednesday, leaving both sides at a stalemate for passing new relief. Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Friday:
S&P 500: 3,466.25, up 0.37% (12.76 points) Dow Jones industrial average: 28,436.52, up 0.26% (72.86 points) Nasdaq composite: 11,537.31, up 0.27%
Read more: MORGAN STANLEY: Buy these 61 stocks that will offer major earnings-driven upside following an imminent 10% market sell-off Some Wall Street strategists have pushed their stimulus forecasts past the election, and see a possible Democratic sweep yielding an even larger relief bill in early 2021. The presidential election's outcome is "the biggest variable" for stimulus moving forward, Goldman Sachs said earlier in the week, adding that talks will continue since "neither side benefits from ending them." Thursday night's presidential debate was decidedly less market-moving than the first, with President Donald Trump taking a less combative approach toward former Vice President Joe Biden. The two discussed a range of topics including the coronavirus pandemic, health care, and race relations, but futures barely moved throughout the hour-and-a-half event. Gilead shares leaped after its remdesivir compound became the first drug authorized by the Food and Drug Administration to tread COVID-19. Read more: Market wizard Jim Rogers started trading with $600 and now has a reported net worth of $300 million. He shares the 8 trading rules that ensured his success. Intel sank after weakness in its server business soured otherwise positive earnings results. The company forecasted the decline to last through the fourth quarter, but still raised its full-year guidance. Bitcoin slowed its roll after rallying to its highest since June 2019 on Thursday. The cryptocurrency's 14-day Relative Strength Index leaped above 80, signaling the token is overbought after rallying 10% into Friday. Spot gold gained slightly to $1,909.91 per ounce at intraday highs. The US dollar dipped against peers and Treasury yields ticked higher. Oil edged higher. West Texas Intermediate crude gained as much as 0.8% to $40.64 per barrel. Brent crude, oil's international benchmark, rose 20.6% to $42.46 per barrel at intraday highs. Now read more markets coverage from Markets Insider and Business Insider: US existing home sales spike to fastest rate since 2006 as housing-market boom accelerates further Billionaire investor Paul Tudor Jones calls bitcoin 'the best inflation trade' as the token surges above $13,000 Big investors pay thousands of dollars for Danielle DiMartino Booth's research. The former Fed advisor explains how the central bank has distorted markets — and shares 2 areas where analytical traders can still find returns.Join the conversation about this story » NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly
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Summary List Placement Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles...Summary List Placement Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market's recovery. West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows. A global resurgence in COVID-19 cases has intensified concerns around oil demand. France...
House Speaker Nancy Pelosi. Caroline Brehman/CQ-Roll Call, Inc/Getty Images House Speaker Nancy Pelosi just set a...House Speaker Nancy Pelosi. Caroline Brehman/CQ-Roll Call, Inc/Getty Images House Speaker Nancy Pelosi just set a tight timeline for getting a new stimulus deal done before the election: 48 hours. During an appearance on ABC’s This Week on Sunday, Pelosi suggested there likely won’t be time to pass a new package pri...
US stocks slid on Thursday as weekly jobless claims posted a surprise jump, climbing back above...US stocks slid on Thursday as weekly jobless claims posted a surprise jump, climbing back above 1 million after two straight periods of decline. Investors also weighed the stalled talks between Democrats and Republicans on the next coronavirus stimulus package. The Federal Reserve on Wednesday released minutes from its latest meeting, showing that the group thinks the recovery from the pandemic recession requires more...