Stocks rose Thursday as Wall Street monitored lawmakers’ efforts on crafting the fifth coronavirus aid package.
The Dow Jones Industrial Average gained 46 points, or 0.17%, to 27,828, the S&P 500 was up 0.25% and the Nasdaq rose 0.77%.
Treasury Secretary Steven Mnuchin said he and House Speaker Nancy Pelosi “made a lot of progress in a lot of areas” in talks they held Wednesday. Politico reported Thursday, however, that Pelosi was skeptical they’d be able to reach a deal.
The House is expected to vote on a slimmed down $2.2 billion aid proposal later Thursday, though the legislation has little chance of passing in the Senate.
Weekly jobless claims in the U.S. came in at 837,000, slightly lower than economists’ forecasts. However, the number of Americans applying for first-time jobless benefits held steady for a fifth straight week, a sign that the summer rebound in the labor market spurred by the reopening of businesses could be starting to fade.
Video: What Is in the Democrats’ Latest Stimulus Proposal? (TheStreet)
The official U.S. jobs report for September will be released Friday.
American Airlines said it will begin furloughing 19,000 employees and United Airlines will lay off 13,000 workers after federal aid for the industry expired. The airlines said, however, said they would reverse the cuts if the U.S. government provided the funds the industry needs over the next few days.
Stocks rose Wednesday as renewed hopes for a stimulus package overshadowed worries about a contested election following an acrimonious debate between President Donald Trump and Democratic candidate Joe Biden.
The Dow finished up 329 points, or 1.2%, to 27,781, the S&P 500 gained 0.83% and the Nasdaq rose 0.74%.
Stocks in September posted their first monthly losses since March but did end the third quarter higher. The Dow rose 7.6%, the S&P 500 gained 8.5%, and the Nasdaq surged 11% over the past three months.
PepsiCo reported stronger-than-expected third-quarter earnings and forecast solid full-year profit as pandemic snack sales continued to pace top-line growth.
This article was originally published by TheStreet.