Wall Street closes higher on hope that partial coronavirus stimulus deal may occur
By Caroline Valetkevitch (Reuters) - U.S. stocks closed sharply higher on Wednesday as investors regained optimism that at least a partial deal on more U.S.
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By Caroline Valetkevitch
(Reuters) - U.S. stocks closed sharply higher on Wednesday as investors regained optimism that at least a partial deal on more U.S. fiscal stimulus may happen.
After abruptly calling off negotiations on a comprehensive bill on Tuesday, President Donald Trump later that day urged Congress to pass a series of smaller, standalone bills that would include a bailout package for the airline industry battered by the coronavirus pandemic. Airline shares jumped.
Indexes held gains after the Federal Reserve released minutes from its last policy meeting. The minutes showed U.S. central bankers, having agreed unanimously in August on a broad new approach to monetary policy, were divided in September over how to apply their new principles in practice.
"The only reason we were down yesterday was the tweet from President Trump, which he walked back last night. That's why the market started off stronger and continued stronger. I think there's full-blown expectations that some form of stimulus agreement is going to occur sooner than later," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
Top White House officials downplayed the possibility of more coronavirus relief, while House Speaker Nancy Pelosi disparaged Trump for backing away from talks on a comprehensive deal.
Unofficially, the Dow Jones Industrial Average <.DJI> rose 529.45 points, or 1.91%, to 28,302.21, the S&P 500 <.SPX> gained 58.38 points, or 1.74%, to 3,419.33 and the Nasdaq Composite <.IXIC> added 210.00 points, or 1.88%, to 11,364.60.
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With the presidential election just weeks away, focus later Wednesday may turn to a debate between Vice President Mike Pence and Democratic opponent Kamala Harris.
Reuters/Ipsos opinion polls released on Tuesday showed Democratic presidential candidate Joe Biden expanding his lead over Trump in battleground Michigan and the two candidates locked in a toss-up race in North Carolina ahead of the Nov. 3 election.
Investors also are preparing to hear soon from companies on the third quarter. Analysts expect earnings at S&P 500 companies to have dropped about 21% in the quarter from a year ago, according to IBES data from Refinitiv.
(Additional reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Editing by Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.