Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020
News Every Day |

US stocks climb as mega-cap tech companies soar on stimulus hope

Trader NYSE green
  • US stocks climbed on Thursday on continued fiscal stimulus negotiations, led by mega-cap tech giants like Alphabet, Amazon, and Microsoft.
  • House Speak Nancy Pelosi and Treasury Secretary Steve Mnuchin had multiple conversations on Thursday, as the two try to work out a fiscal stimulus deal before the upcoming recess in Congress.
  • Any fiscal stimulus deal will include another round of direct stimulus checks, according to Mnuchin.
  • Initial weekly jobless claims fell to 837,000, which was lower than expected and suggested that the economic recovery is trudging along.
  • Watch major indexes update live here.

US stocks climbed on Thursday, led by mega-cap tech giants like Alphabet, Microsoft, Apple, and Amazon.

Stocks were boosted by continued hope of another round of fiscal stimulus being passed by Congress ahead of their upcoming recess. House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin had multiple conversations throughout the day.

Any fiscal stimulus deal will include another round of direct stimulus checks, according to Mnuchin.

Also helping the markets on Thursday was a Labor Department report that said initial weekly jobless claims fell to 837,000 last week, better than the consensus estimate of 850,000 and lower than the previous week's reading of 873,000.

Here's where US indexes stood at the 4 p.m. ET close on Thursday:

Read more: US Investing Championship hopeful Evan Buenger raked in a 131.9% return through August. He shares the distinct spin he's putting on a classic trading strategy that's led to his outsize returns.

The SPAC craze continued on Thursday, with Playboy set to go public on Thursday via a merger with Mountain Crest valued at $381 million. Additionally, the first SPAC ETF began trading today under the symbol SPAK. The ETF owns a basket of blank check companies that have and have not found a target deal.

Shark Tank investor Kevin O'Leary laid out his strategy for investing in SPACs and highlighted the managers he would invest with, including Bill Ackman.

Read more: A portfolio manager who's outperforming nearly all of her peers this year shares 4 high-conviction stocks driving her strong performance across 2 funds

Bed Bath & Beyond surged on Thursday after it reported second quarter earnings that topped analyst expectations, thanks in part to a surge in its digital sales channel.

Elsewhere, the Federal Reserve said on Wednesday that it would extend limits on banks' ability to buy back stock and issue dividends until the end of 2020.

Gold rose as much as 1.4%, to $1,912.01 per ounce.

Oil prices traded lower. West Texas Intermediate crude fell as much as 6.5%, to $37.61 per barrel. Brent crude, oil's international benchmark, fell 2.5%, to $39.92 per barrel, at intraday highs.

Read more: Sustainable-stock funds are snapping up shares of these 20 companies - and most of them beat the market during September's turmoil, RBC says

Read the original article on Business Insider

Read also

Preview: First 3 hours set tone for ‘Immortals Fenyx Rising’

Will US Policy on Iran Change After Election?

Coca-Cola Announces It's Discontinuing 200 Drink Brands

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here