September 29, 2020
After four straight weeks of losses on Wall Street, U.S. equities posted solid gains in what has been described as a broad-based relief rally. Although the Dow and S&P 500 lost some momentum in the last hour of trading, they gained 410.10 and 53.14 points, or +1.51% and +1.61%, respectively. The NASDAQ climbed all day, gaining 203.96 points, or +1.86%.
Market futures are flat to slightly down this morning ahead of the much anticipated first Presidential debate in Cleveland, Ohio. Tonight’s topics have been reported to be Trump’s and Biden’s records, the Supreme Court, COVID-19, the economy, race and violence in U.S. cities and the integrity of the election. Looking ahead, the Vice-Presidential debate is being held October 7, the second Presidential debate on October 15 and the final Presidential debate on October 22.
Although Wall Street has been waiting on news of a supplemental economic stimulus package to come out of Congress, the topic seems to have been “back-burnered” behind the confirmation of President Trump’s nominee, Amy Coney Barrett. Official confirmation looks to begin October 12.