Stock market news live updates: Stocks jump, Dow gains 411 points

ca.finance.yahoo.com
4 min read
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Stocks jumped Monday, following global equities higher, as the major indices looked to recuperate some of their losses over the past several weeks.
[Click here to read what's moving markets heading into Tuesday, September 29]

The Dow gained more than 400 points, or 1.5%, after the index posted its fourth straight weekly loss last week. The S&P 500 rose by more than 1.6%, as shares of Apple (AAPL), Amazon (AMZN), Facebook (FB), Microsoft (MSFT), and chipmakers including Nvidia (NVDA), Intel (INTC) and Advanced Micro Devices (AMD) advanced. "Reopening" stocks including airlines like American Airlines (AAL) and Delta (DAL), and cruise lines including Carnival Cruise Line (CCL) also rallied.

Hopes that US lawmakers might still pass another coronavirus stimulus package before the November election helped buoy risk assets, with another round of relief set to provide support to individuals and businesses hardest hit by the pandemic.

House Speaker Nancy Pelosi told CNN's "State of the Union" on Sunday" that Democrats would soon unveil a new proposal of more than $2 trillion – a step down from the more than $3 trillion House Democrats had sought previously, but a figure still higher than the about $1.5 trillion the Trump administration suggested would be its upper bound for further virus-related relief measures.

"A potential breakthrough in the impasse over COVID-19 related stimulus seems to have lifted markets. Given how far apart the two sides were, markets had all but given up on action prior the election; therefore, those expectations, which had been pricing in over the last week or so, are being unwound a bit today," Jamie Cox,…
Emily McCormick
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