Wall Street shares bolstered by stimulus bets
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Shares on Wall Street climbed on Tuesday on growing optimism that talks among U.S. lawmakers are progressing with respect to a U.S. stimulus package aimed at cushioning the economic shock from the coronavirus pandemic.
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Shares on Wall Street climbed on Tuesday on growing optimism that talks among U.S. lawmakers are progressing with respect to a U.S. stimulus package aimed at cushioning the economic shock from the coronavirus pandemic.
House of Representatives Speaker Nancy Pelosi said she was optimistic Democrats could reach a deal with the White House that could get aid out by early next month. She added there should be an indication of a possible agreement later on Tuesday.
Pelosi and Treasury Secretary Steven Mnuchin will also talk at 3 p.m. ET (1900 GMT) on Tuesday, according to a source.
King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco, said he doesn't believe a full stimulus package would be passed though.
"It's kind of hard to bridge the gap between $1.8 trillion and $2.3 trillion, but a deal could at least get us through the elections or until December," Lip said. "By that time, we may have a comprehensive package."
Uncertainty over the coronavirus aid package weighed on Wall Street's main indexes on Monday and analysts expect market turbulence to increase with only two weeks left until Election Day.
Latest national opinion polls pointed to a victory for Democratic challenger Joe Biden, though the contest is closer in swing states that decide elections, including Florida, North Carolina and Pennsylvania.
The U.S. Justice Department and 11 states, meanwhile, filed an antitrust lawsuit against Alphabet Inc's
"It's like locking the proverbial door after the horse has bolted," said Neil Campling, head of TMT research at Mirabaud Securities in London.
"Google has already got the monopolistic position, has invested billions in infrastructure, AI, technologies, software, engineering and talent. You can't simply unwind a decade of significant progress, or create new alternative powerhouses or tech ecosystems out of thin air."
In mid-afternoon trading, the Dow Jones Industrial Average <.DJI> rose 285.28 points, or 1.01%, to 28,480.7, the S&P 500 <.SPX> gained 38.65 points, or 1.13%, to 3,465.57 and the Nasdaq Composite <.IXIC> added 114.73 points, or 1%, to 11,593.61.
Meanwhile, the third-quarter earnings season has gathered momentum. Of the 66 S&P 500 companies that have reported results, 86.4% have topped expectations for earnings, according to Refinitiv IBES data.
Property and casualty insurer Travelers Cos Inc
International Business Machines Corp
Advancing issues outnumbered declining ones on the NYSE by a 3.33-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored advancers.
The S&P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 63 new highs and 26 new lows.
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Medha Singh and Shivani Kumaresan in Bengaluru; Editing by Aurora Ellis)
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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.