Shares rose for a third consecutive session as investors packed the best weekly performance for the S&P 500 and Nasdaq since the summer. Director of the United States National Economic Council Larry Kudlow told FOX Business that he met US Treasury Secretary Steven Mnuchin and Chief of Staff Mark Meadows in the White House, and the new stimulus package COVID-19 would be “relatively broad-based”.
Chris Ciaccia for FOXBusiness:
Progress in stimulus negotiations intensified after President Donald Trump “approved” a revised package to help the struggling US economy.
The S&P 500 rose 0.88%, the best week since July, when consumers’ discretionary products, founders and large companies led the gain. Nasdaq Composite also posted the strongest week since July when Apple and chip stocks posted gains. And the Dow Jones Industrial Average, which is now positive for 2020, received over 161 points or 0.57% …
Despite the positive sentiment, Senate Majority Leader Mitch McConnell said it was “unlikely” that another bill would be passed before the November election. However, McConnell said a new stimulus proposal was needed to support the economy.
MacDailyNews Take: Obviously, a strong economy bodes well for manufacturers of important and sought-after goods like Apple – with 5G-compatible iPhones, Apple silicon-powered Macs and much, much more is just around the corner!
It’s 5 o’clock somewhere. We are now continuing our quest to find out if there really is enough beer on the planet. Prost, everyone! 🍻