Stocks Jump as Trump Prepares to Leave Hospital

Dow up 465 points amid stimulus hopes
By Newser Editors and Wire Services
Posted Oct 5, 2020 4:03 PM CDT
Stocks Jump as Trump Prepares to Leave Hospital
Dr. Sean Conley, physician to President Donald Trump, talks with reporters at Walter Reed National Military Medical Center, Monday, Oct. 5, 2020, in Bethesda, Md.   (AP Photo/Evan Vucci)

(Newser) – Stocks closed broadly higher Monday as hopes for economic aid from Washington helped Wall Street recover its losses from its initial, fearful reaction after learning that President Trump tested positive for the coronavirus. The S&P 500 climbed 1.8%, and the gains were widespread, the AP reports. Energy and technology stocks had some of the biggest gains. Treasury yields, stocks overseas, and oil all rose after Trump and House Speaker Nancy Pelosi both noted the importance over the weekend of additional support for the economy. Trump also tweeted that he’ll leave the hospital later Monday, though his condition remains clouded in uncertainty. The S&P 500 jumped 60.16 points to 3,408.60. The Dow Jones Industrial Average rose 465.83 points, or 1.7%, to 28,148.64. The Nasdaq composite climbed 257.47, or 2.3%, to 11,332.49.

The lift follows through on a comeback that helped markets cut their losses on Friday, after Trump’s condition became publicized. Stocks got an immediate lift Friday afternoon after Pelosi told airline executives to stop the furloughs of tens of thousands of workers because aid for the industry was “imminent,” either as a stand-alone effort or as part of a wider rescue package. A stand-alone bill for airlines failed to advance in the House on Friday, but hopes remain for a larger effort. Over the weekend, Trump tweeted from the hospital that the country wants and needs more economic stimulus. “Work together and get it done,” he said on Saturday.

(Read more stock market stories.)

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