Wall Street closes higher as energy, financials lead broad rally
Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.
The Dow Jones Industrial Average .DJI rose 410.1 points, or 1.51%, to 27,584.06, the S&P 500 .SPX gained 53.14 points, or 1.61%, to 3,351.6 and the Nasdaq Composite .IXIC added 203.96 points, or 1.87%, to 11,117.53.
The lack of a COVID-19 vaccine and an additional fiscal stimulus package from Washington have weighed on the markets in recent sessions.
But U.S. House of Representatives Speaker Nancy Pelosi said in an MSNBC interview that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue on Monday, suggesting a possible progress to end the stalemate.
· Wharton’s Jeremy Siegel: Wall Street could boom in 2021 ‘no matter who is president’
Wharton School professor Jeremy Siegel told CNBC on Monday the stock market is likely primed for strong gains next year, regardless of whether President Donald Trump or Joe Biden occupy the White House.
Siegel, who has been mostly bullish over the years, cited a number of reasons, including the increased money supply as a result of coronavirus stimulus efforts, the prospect of an improved Covid-19 situation and more robust worker productivity.
Siegel’s comments come one day ahead of the first presidential debate between the Republican incumbent Trump and the Democratic nominee Biden, during which the U.S. economy and the damage to it caused by the coronavirus pandemic are likely to be in focus.
Reference: Reuters, CNBC
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