WALL STREET GAINS ON HOPE THAT CONGRESS WILL BUTTRESS ECONOMY
Wall Street is rising again in Thursday morning trading with hopes that Washington can get past its partisanship to deliver more support for the economy, Stan Choe reported for the Associated Press (AP).
The S&P 500 was 0.7% higher as talks continue on a deal that could send more cash to Americans, restore jobless benefits for laid-off workers and deliver assistance to airlines and other industries hit particularly hard by the pandemic.
The Dow Jones Industrial Average was up 149 points, or 0.5%, at 27,931, as of 9:47 a.m. Eastern time, and the Nasdaq composite was 1% higher.
Treasury yields also rose after a report indicated the pace of layoffs across the country may have slowed last week. The number of workers filing for unemployment benefits fell to 837,000 from 873,000 the prior week. It’s a larger decline than economists expected, though the number remains incredibly high compared with before the pandemic. Another report said that consumer spending strengthened by more than expected in August, which is key because it’s the biggest driver of the US economy. But personal incomes weakened by more than expected during the month.
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