Wall Street Close: Bulls enthused by Trump's progress and stimulus hopes
- Dow Jones unofficially closes up 464.22 points or 1.68% at 28,147.03.
- S&P 500 unofficially closes up 59.99 points or 1.79% at 3,408.43.
- NASDAQ unofficially closes up 254.60 points or 2.30% at 11,329.61.
US stocks were well bid into the final hour on Wall Street as the positive sentiment surrounding improved health conditions of the US President Donald Trump was confirmed in statements from various medics, including Trump himself.
The Dow Jones Industrial Average climbed 465.83 points, or 1.68%, to 28,148.64, the S&P 500 added 60.16 points, or 1.80%, to 3,408.6 and the Nasdaq Composite put on 257.47 points, or 2.32%, to 11,332.49.
Trump has been at the hospital since late Friday following contracting COVID-19.
Trump's physician said he had been treated with Regeneron's experimental antibody treatment for the disease.
White House Chief of Staff Mark Meadows said on Monday there was still potential to reach an agreement with US lawmakers on more coronavirus relief and that Trump was committed to getting the deal done.
Meanwhile, and as for data, the US ISM services index rose 0.9 pts to 57.8 in September but remained below July’s read of 58.1.
''Employment rose back above 50 for the first time since the crisis unfolded, reaching 51.8 vs 47.9 in August. Overall, the contents of the report were encouraging following August’s dip. While still below the July recovery high, the index is well above its 20-year average of 54.3 implying growth is above trend,'' analysts at ANZ Bank explained.