Wall Street advances on U.S stimulus bets ahead of busy earnings week

Wall Street’s main indexes gained on Monday as investors looked past COVID-19 case increases, betting instead on more U.S. stimulus to revive a coronavirus-ravaged economy ahead of a week packed with quarterly earnings reports, including Apple’s.

Medha Singh and Devik Jain for Reuters:

Wall Street advances on GOP stimulus bets ahead of busy earnings weekApple Inc, Amazon.com Inc, Facebook Inc and Alphabet Inc rose between 0.5% and 0.9%, and were among the top boosts to the S&P 500 and Nasdaq. The four FAANG companies are among the 189 S&P 500 companies expected to report results this week.

About 80% of the 130 S&P 500 firms that have reported so far have beaten a low bar of earnings estimates, according to IBES Refinitiv data.

[To]day, U.S. Senate Republicans are likely to unveil their $1 trillion coronavirus aid package, which would be negotiated with Democrats, ahead of the expiry of enhanced unemployment benefits on Friday.

Moderna Inc jumped 7.7% as it started a U.S. government-backed late-stage trial to assess its COVID-19 vaccine candidate in about 30,000 adults.

MacDailyNews Take: We’re a long way from agreement on the next round of U.S stimulus. Hopefully, the Senate, House, and the Trump administration can line up sooner than later on an effective and efficient stimulus package.

3 Comments

  1. The Fed needs to be reordered for there to be “more” equity for the “normal folks.”

    Since its inception, the bankers and high worth individuals have the Fed’s focus when it comes to stabilizing the econ. It’s makes sense….that’s where the money resides, but its enduring effect has been the creation of a deep and wide wealth chasm.

    “When the people find that they can vote themselves money that will herald the end of the republic.”
    Ben Franklin

    Whether the rich, or the poor, neither need the conditioning of the above statement and it’s in effect for both this present day.

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