US Stocks Edge Higher, Eyeing Possible Stimulus Push

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2020-09-25 HKT 04:47

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  • US markets got a lift on news that House Speaker Nancy Pelosi had moved to assemble a new US$2.4 trillion spending bill to boost the US economy. Photo: Reuters

    US markets got a lift on news that House Speaker Nancy Pelosi had moved to assemble a new US$2.4 trillion spending bill to boost the US economy. Photo: Reuters

Wall Street stocks finished modestly higher on Thursday following a choppy session as investors weighed mixed economic data with an effort on Capitol Hill to revive stimulus talks.

The Dow Jones edged up 0.2 percent to 26,815.

The S&P 500 gained 0.3 percent to 3,246, while the Nasdaq advanced 0.4 percent to 10,672.

Markets got a lift midday on news that House Speaker Nancy Pelosi had moved to assemble a new spending bill to boost the US economy. Reports said Pelosi is eyeing a US$2.4 trillion bill, still much bigger than the package that Republicans have favoured.

Earlier, the Labour Department said US jobless claims last week rose slightly to 870,000 as the world's biggest economy continues to face headwinds following the upheaval of the coronavirus pandemic.

On the positive side, new US home sales came in well above forecasts in August with a 4.8 percent gain, as the housing market continues to recover.

Markets are also eyeing the latest on the coronavirus following case spikes in France and some other European countries that have revived fears of broader restrictions on economic activity.

"As long as cases keep growing, there's no reason to think this won't keep being a choppy market," said a note from TD Ameritrade's JJ Kinahan.

"Coronavirus overshadows everything right now. There's no end date for that." (AFP)

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