Mon, 30 Nov 2020

US stocks rose in opening trading Monday the start of yet another week where traders will closely monitor prospects Congress will pass a new stimulus package for the economy.

About 20 minutes after the open, the benchmark Dow Jones Industrial Average was up 0.3% at 28 687.15.

The broad-based S&P 500 climbed to 0.5% to 3 500.48, while the tech-rich Nasdaq rose 0.8% to 11 763.78.

Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year.

President Donald Trump's administration has proposed a $1.8 trillion package, while Democrats in the House of Representatives have approved a $2.2 trillion measure.

However, Senate Majority Leader Mitch McConnell said again last week that he prefers a narrowly tailored measure - which Democrats have rejected - and signaled he would not support the Trump administration's push for a massive package.

White House chief of staff Mark Meadows on Monday tried to downplay the Republican leader's comments.

"If the speaker and the president can come together in a bipartisan deal, (McConnell will) bring it to the floor, it will get a vote... and hopefully we'll get stimulus on the way to the American people," Meadows told Fox News.

Stocks posted modest gains last week as the see-sawing stimulus talks rattled investors, but Charles Schwab investment bank said traders have not given up hope.

"Although fleeting, optimism appears to be remaining regarding a potential fiscal relief package breakthrough as talks continue but a deal remains elusive," Schwab wrote in an analysis.

Oil giant ConocoPhillips was up 0.7% after announcing before the open it would acquire shale oil rival Concho Resources in a transaction valued at $9.7 billion.

Concho's stock was trading 1.0% higher.

Source: News24

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