Dow rebounds more than 300 points on stimulus hope to end first losing month since March
U.S. stocks climbed in volatile trading on Wednesday amid rising hopes for further coronavirus stimulus, but major averages still posted their first down month since March.
The Dow Jones Industrial Average closed up 329.04 points, or 1.2%, to 27,781.70, after jumping 573 points at its session high. The S&P 500 rose 0.8%, or 27.53 points, to 3,363.00, while the tech-heavy Nasdaq Composite climbed 0.7%, or 82.26 points, to 11,167.51.
Stocks cut gains in the final hour of trading after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal. The pair will continue talks as they try to craft a fifth package that could pass both chambers of Congress. The market soared earlier in the session after Mnuchin said lawmakers were giving the bill “a serious try.”
Still, major averages suffered their first monthly declines since March partly due to a tech-led correction earlier in September. The S&P 500 dropped 3.9% this month, while the Dow and the Nasdaq Composite fell 2.3% and 5.2%, respectively, in September.
Reference: CNBC
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