October 6, 2020
Wall Street enjoyed a huge rally yesterday, with stocks closing near their highs of the day as President Trump said he would be discharged from Walter Reed Hospital early in the evening. The Dow rose 465 points for a gain of 1.68%, its best gain since July 14. The S&P 500 gained 60.19 points, or up 1.80%, for its best gain since September 9. The NASDAQ surged with the help of its large cap technology names, gaining 257.47 points for a gain of 2.32%, its best gain since September 9.
Worth noting that all 11 sectors of the S&P 500 finished higher yesterday, led by energy which gained 2.9%. West Texas Intermediate crude, the U.S. oil benchmark, gained 5.86% for its best day since May 18. In early trading this morning, crude oil is up more than 2.5%.
House Speaker Nancy Pelosi said on Sunday that lawmakers are “making progress” towards making a deal, but did not comment of the status of negotiations on a variety of issues that have created an impasse between the two sides for the last several weeks. Top Democrats have been deadlocked with the White House since late summer over several aspects of a new stimulus package.
Just before market’s opening this morning, Dow and S&P 500 futures are tracking slightly to the upside, while the NASDAQ is indicating a small loss at the opening.