Stocks Climb as Market Waits on a Plan

One analyst calls the political backdrop 'toxic'
By Newser Editors and Wire Services
Posted Oct 1, 2020 5:15 PM CDT
Up-and-Down Day Ends With Gains
Traders gather at a post on the NYSE trading floor during the direct listing of Asana on Wednesday.   (Courtney Crow/New York Stock Exchange via AP)

US stocks climbed Thursday, but only after pinballing through another shaky day of trading, as Wall Street waits to see if the federal government can get past partisanship to deliver another economic rescue package, the AP reports. The Dow rose 35.20 points to 27816.90, the S&P 500 was up 17.80 points to 3380.80, and the Nasdaq climbed 159 points to 11326.51.

"The market is grappling with which way to go given how important fiscal stimulus is to the sustainability of the economic recovery," Mark Luschini, chief investment strategist at Janney Montgomery Scott, told the Wall Street Journal. Optimism faded this week after the House postponed a vote on a stimulus package Wednesday. "The political backdrop is just so toxic," said Gregory Perdon, co-chief investment officer at private bank Arbuthnot Latham.

(More stock market stories.)

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