FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
43,004,049Confirmed
1,155,558Deaths
31,709,367Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
US. Stock Market

The major U.S. stock indexes finished sharply higher on Wednesday as government leaders continued to try to hammer out a new coronavirus stimulus package and better-than-expected positive economic data helped stocks recover some of its monthly losses while solidifying its quarterly gains.

While the futures markets traded sharply lower during the premarket session in reaction to the first presidential debate, the cash market indexes surged on the opening after U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough in partisan stimulus negotiations.

Advertisement

But the indexes pared their gains late in the session after Senate Majority Leader Mitch McConnell warned the sides remain “far apart” in their talks. This implied there may not be a deal until after the November 3 election.

In the cash market on Wednesday, the benchmark S&P 500 Index settled at 3363.00, up 27.53 or +0.81%. The blue chip Dow Jones Industrial Average finished at 27781.70, up 329.04 or +1.18% and the tech-based NASDAQ Composite closed at 11167.51, up 82.26 or +0.74%.

The major indexes wrapped up September with their first monthly declines since March, when mandated shutdowns slammed the economy, but still managed to post strong quarterly gains.

Little Impact from Debate, but Economic Data Saves the Day

Although the indexes dropped sharply after the two presidential candidates squared off on Tuesday evening, most investors gleaned nothing fresh after digesting Tuesday’s contentious presidential debate, where President Donald Trump and Democratic rival Joe Biden talked over each other and traded insults as they spared over the COVID-19 pandemic, healthcare and the economy.

Investors seemed to put concerns over the debate early Wednesday after a spate of economic data mostly surprised to the upside, with the ADP National Employment Index topping analyst expectations and pending home sales jumping to an all-time high.

Advertisement

Sectors and Stocks

Of the 11 major sectors in the S&P 500, 10 ended the session in positive territory, with healthcare and financials enjoying the largest percentage gains.

Nikola Corp stock soared by 14.5% after Chief Executive Mark Russell said he was close to a deal with an energy partner and defended the company against a short-sellers fraud allegations.

Micron Technology Inc said it has not yet obtained new licenses needed to sell memory chips to China’s Huawei Technologies Co Ltd, sending its shares down 7.4%.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US