Wall Street jumps on hope that partial coronavirus stimulus deal may occur
By Caroline Valetkevitch (Reuters) - U.S. stocks rose on Wednesday as investors were optimistic that at least a partial deal on more U.S
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By Caroline Valetkevitch
(Reuters) - U.S. stocks rose on Wednesday as investors were optimistic 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, including United Airlines
Indexes held gains after the Federal Reserve released minutes from its last meeting.
"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.
The Dow Jones Industrial Average <.DJI> rose 556.7 points, or 2%, to 28,329.46, the S&P 500 <.SPX> gained 61.38 points, or 1.83%, to 3,422.33 and the Nasdaq Composite <.IXIC> added 211.55 points, or 1.9%, to 11,366.16.
Focus on Wednesday will also be on a debate between Vice President Mike Pence and Democratic opponent Kamala Harris, with Trump's battle with COVID-19 and Democratic presidential candidate Joe Biden's age providing an unusual backdrop.
Reuters/Ipsos opinion polls released on Tuesday showed 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.
Advancing issues outnumbered declining ones on the NYSE by a 3.00-to-1 ratio; on Nasdaq, a 3.36-to-1 ratio favored advancers.
The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 120 new highs and 15 new lows.
(Additional reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Editing by Maju Samuel and 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.