News Karnataka
Wednesday, February 08 2023
Business

US stocks rise as Wall Street eyes stimulus

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New York: US stocks finished higher on Friday as Wall Street focused on updates concerning coronavirus stimulus.

The Dow Jones Industrial Average increased 161.39 points, or 0.57 per cent, to 28,586.90. The S&P 500 was up 30.30 points, or 0.88 per cent, to 3,477.13. The Nasdaq Composite Index rose 158.96 points, or 1.39 per cent, to 11,579.94, Xinhua news agency reported.

Eight of the 11 primary S&P 500 sectors advanced, with technology up 1.54 per cent, leading the gainers. Energy slipped 1.58 per cent, the worst-performing group.

US-listed Chinese companies traded mostly higher, with seven of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

US Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi on Friday continued talks surrounding potential coronavirus relief package.

Earlier this week, US President Donald Trump had halted relief talks with Democrats, then he reversed course and tweeted that he wanted to pass legislation on aid to airlines and small businesses.

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.

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.

 

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