Wall Street opens up, on hopes of stimulus measures

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Wall Street opens up, on hopes of stimulus measures

The New York Stock Exchange started in the green Friday at the opening, banking on the hopes of an agreement on measures to support the economy of the United States, while the prospect, for now, receded. of a contested presidential election on November 3.

Its flagship index, the Dow Jones Industrial Average (DJIA), gained 0.28% to 28,504.71 points around 13:50 GMT.
The Nasdaq, with a strong technological coloring, rose 0.79% to 11,511.35 points and the extended S&P 500 index gained 0.56% to 3,466.20 points.
The day before, the DJIA had gained 0.43% to reach its highest level in a month as investors had watched progress in talks on a plan to support the US economy.

The Nasdaq had gained 0.50% and the broader S&P 500 index had appreciated by 0.80%.

“There is a lot of noise pollution” around the negotiations between the White House and the Democrats, said Patrick O’Hare of Briefing. “It will either be a big deal or a small, no deal at all or a post-election deal.”

“The fact remains that the market is off to a good start, assured of continuing to attract liquidity and of seeing the probability of a contested election decrease,” added this analyst as the gap has widened recently between Democratic candidate Joe Biden, leading the polls, and President Donald Trump.

For Peter Cardillo of Spartan Capital Securities, “investors are hanging on to the hope of a deal on the stimulus.”

“The market does not seem disturbed by who will win the election” of November 3, “nor by the fact that Trump is far behind in the polls,” continues the analyst.

Investors were also preparing to focus on business results expected as early as next week.

The market was also hailing the progress in Covid-10 treatments after an article appeared in the New England Journal of Medicine that Gilead Sciences’ remdesivir had led to “consistent and clinically significant improvements” in patients with coronavirus.

Gilead shares climbed 1.17%.

On the bond market, the 10-year rate on US debt fell to 0.7654% against 0.7852% Thursday night.