• Dow closes more than 100 points higher as Pelosi says she is ‘optimistic’ about possible aid deal

    21 Oct 2020 | SET News

Dow closes more than 100 points higher as Pelosi says she is ‘optimistic’ about possible aid deal

Stocks rose on Tuesday after House Speaker Nancy Pelosi signaled Democrats and the White House were making progress in negotiations for a new fiscal stimulus deal.

The Dow Jones Industrial Average closed 113.37 points higher, or 0.4%, at 28,308.79. The 30-stock average was briefly up more than 300 points. The S&P 500 gained 0.5% to end the day at 3,443.12 and the Nasdaq Composite advanced 0.3% to 11,516.49.

Shares of Carnival Corp. and American Airlines rose 3.3% and 1.9%, respectively, as company groups that would benefit the most from the economy reopening led the way higher. Kohl’s jumped 6.6% and Nordstrom advanced 1.2%.

Pelosi, D-Calif., said on Tuesday that both sides made progress in their negotiations. “Hopefully by the end of the day, we’ll know where we all are,” Pelosi told Bloomberg TV. “But I’m optimistic.”


Stocks making the biggest moves midday: IBM, AMC Entertainment, Logitech, Travelers and more

IBM – Shares shed more than 6% after IBM’s third-quarter results showed a third straight quarter of declining revenue.

AMC Entertainment — Shares of the movie theater chain sank more than 11% after the company warned of a possible bankruptcy in a security filing related to a secondary stock offering. The company said it could burn through its existing cash by the end of 2020 or early 2021 without additional liquidity.

Travelers — The insurance stock gained 3.9% after it reported better-than-expected results for its third quarter. Travelers reported $3.12 in adjusted earnings per share on $8.28 billion of revenue.

Logitech — Shares of the accessory maker surged more than 18% after beating on the top and bottom lines of its third-quarter earnings.


Reference: CNBC

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