US stocks open higher with stimulus talks in focus

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IANS | 10 Oct, 2020
US stocks opened higher on Friday as Wall Street eyed updates concerning additional US coronavirus stimulus.

Shortly after the opening bell, the Dow Jones Industrial Average rose 158.03 points, or 0.56 per cent, to 28,583.54. The S&P 500 increased 21.23 points, or 0.62 per cent, to 3,468.06. The Nasdaq Composite Index was up 74.38 points, or 0.65 per cent, to 11,495.36, Xinhua news agency reported.

Of the 11 primary S&P 500 sectors, both materials and technology advanced 0.8 per cent in morning trading, outpacing the rest. Energy and real estate, however, struggled.

US House Speaker Nancy Pelosi spoke with Treasury Secretary Steven Mnuchin on Thursday afternoon to discuss "whether there is any prospect of an imminent agreement on a comprehensive bill," according to Drew Hammill, spokesman and deputy chief of staff for the House speaker.

"The secretary made clear the president's interest in reaching such an agreement," Hammill tweeted.

It is not clear whether congressional lawmakers and the Trump administration could bridge their differences and reach an agreement on the relief package before the presidential election on November 3.

US Federal Reserve Chairman Jerome Powell on Tuesday urged policymakers to provide more fiscal relief to households and businesses hurt by the pandemic, warning a prolonged slowing economic recovery could trigger typical recessionary dynamics.