Stocks rose for a third straight session as investors wrapped the best week weekly performance for the S&P 500 and Nasdaq since the summer. Director of the United States National Economic Council Larry Kudlow told FOX Business that he met with U.S. Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows and the new COVID-19 stimulus package would be “relatively broad-based.”
Progress on stimulus talks was reinforced after President Donald Trump “approved” a revised package to help the struggling U.S. economy.
The S&P 500 rose 0.88%, its best week since July, as consumer discretionary, staples and large-cap tech led the gains. The Nasdaq Composite also posted the strongest week since July as Apple and chip stocks posted wins. And the Dow Jones Industrial Average, which is now positive for 2020, gained over 161 points or 0.57%…
Despite the positive sentiment, Senate Majority Leader Mitch McConnell said it was “unlikely” another bill would be passed before the November election. McConnell, however, did say that another stimulus bill was needed to help support the economy.
MacDailyNews Take: Obviously, a strong economy bodes well for makers of essential and coveted goods like Apple – with 5G-capable iPhones, Apple silicon-powered Macs, and much, much more are right around the corner!
It’s 5 o’clock somewhere. We now resume our quest to find out if there really is enough beer on the planet. Prost, everyone! 🍻