Wall Street gains with stimulus hopes, positive updates on Trump’s health
October 5, 2020Wall Street advances, crude gains as investors await stimulus progress
October 9, 2020614 ET – President Trump’s call to halt negotiations on further stimulus weakened stocks, yields and the currency, as investors grappled with increased uncertainty, Spartan Capital’s Peter Cardillo tells WSJ. “If he goes ahead, it’s going to be negative, but if he changes his mind, which there’s a good possibility of, that uncertainty factor will lessen.” Cardillo notes that earlier today Fed Chairman Powell again called for federal stimulus to boost a sputtering economic recovery. “If we don’t get stimulus, the economy will probably head for a double-dip recession…you’re gonna see increasing layoffs,” Cardillo said.