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Stocks Gain Most in Almost Four Weeks; Yields Rise: Markets Wrap

Vildana Hajric and Claire Ballentine
·3 mins read
Stocks Gain Most in Almost Four Weeks; Yields Rise: Markets Wrap
Stocks Gain Most in Almost Four Weeks; Yields Rise: Markets Wrap

(Bloomberg) -- U.S. stocks closed at the highest levels of the day amid optimism that President Donald Trump will leave the hospital and lawmakers will move closer to providing more stimulus. Treasury yields jumped and the dollar weakened.

The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all rebounded from Friday’s swoon in the wake of Trump’s coronavirus disclosure. Regeneron Pharmaceuticals Inc. rallied after Trump was given an experimental antibody treatment made by the drugmaker. Energy, health care and technology shares were the biggest gainers in the S&P, pushing the benchmark index up by the most in almost four weeks.

“Investors are likely running with the idea that recent data and President Trump’s firsthand experience with the virus increases the odds of another fiscal package,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “It is becoming harder to deny the need for additional fiscal support.”

Trump said on Twitter that he’ll leave Walter Reed hospital Monday evening after being treated since Friday for Covid-19. With less than a month until Election Day, Trump’s hospitalization has jolted the presidential campaign, forcing him to scrap rallies and other events as polls show him trailing Joe Biden nationally and in swing states.

On the stimulus front, Trump tweeted from the hospital that a deal needs to get done. House Speaker Nancy Pelosi was optimistic on Friday that a bipartisan stimulus bill can be done.

“Absent of vaccine breakthrough, we’re in an economy that is modestly recovering from the lows of March and April, but it can only go so far,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management’s Ascent Private Wealth Group. “Areas of the economy that are susceptible are still feeling the pain. That’s why we need so much stimulus from the Federal Reserve and Congress.”

Traders also pointed to polls suggesting a stronger lead for Biden and the possibility that a clear winner will emerge from the Nov. 3 election. U.S. markets have been nervous in recent weeks about a close election and the risk of a long and messy legal battle.

Elsewhere, consumer companies and banks led a broad advance among European stocks. Equities in Asia notched gains, while crude oil rebounded from a three-week low and gold advanced.

Cheap Isn’t Enough Without a BreTxit Breakthrough: Taking Stock

Here are some key events coming up:

The Reserve Bank of Australia is forecast to keep interest rates and its three-year yield target unchanged at 0.25% on TuesdayAlso Tuesday, Fed Chair Jerome Powell and ECB Chief Economist Philip Lane deliver keynote addresses at the NABE conferenceOn Wednesday, the minutes of the Sept. 15-16 meeting of the FOMC could be especially fruitful for Fed watchers, beginning with details of the debate on conditions necessary to trigger a rate increaseThe U.S. Vice Presidential debate takes place in Salt Lake City on WednesdayThough the final formal round of talks is over, the British government expects trade negotiations to continue up to the EU summit in mid-October.

These are the main moves in markets:

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