The American index led global equity optimism over the weekend as the Nasdaq, Dow Jones and the S&P 500 all hit five-week highs.
Pelosi spokesman Drew Hamill said Munuchin “has clarified the president’s interest” following Pelosi’s declaration Thursday afternoon.
The speaker, unfortunately, pointed out that the White House communications director was inconsistent with the claims during their call. The speaker believes that the secretary speaks for the president. (2/2)
– Drew Hamill (@drew_hammill) October 8, 2020
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There is no guarantee that a comprehensive stimulus package will be delivered yet. Trump and White House spokespersons appear to support the contradictory proposal and oppose comprehensive support. But for today, the mere hint of generous stimulation on the horizon was enough to keep the ball rolling on Friday.
LPL Financial Equity strategist Jeffrey Buchbinder told Yahoo Finance about the possibilities of generous support:
“Optics that don’t accomplish anything aren’t very good on either side. There are a lot of close Senate races right now, suggesting that by November 3 there may be some faint hope for the trade.”
And this Glimmer was enough to see the US index embarrassing other segments of global equity on Friday. The Dow Jones and the S&P 500 have increased by 0.83% and 0.96% respectively, reaching 28,662 and 3,480 points, respectively.
However, the leading price was Nasdaq Composite, up 1.24% to 11,562 points. The Nasdaq has a 1.92% rally from Microsoft, a 1.10% increase from Apple and a 2.72% rally from Amazon, and everything has made its cause work well.
On the outlook for next week, Connor Campbell from Spreadex Financial Analyst said:
“Looking forward to next week, investors will probably be hooked on the US stimulus package and the play state of election headlines that are somewhat related. The complex issue is the Brexit “deadline” on October 15th, a potential source of anxiety about the pound and FTSE. ”
