⁍ U.S. President Donald Trump signaled progress in negotiations around new fiscal stimulus.
⁍ Data showed jobless claims remained stubbornly high last week.
⁍ Dow Jones airlines index jumped 1.3%, with Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O gaining more than 1% each.
– US stocks were off to a solid start on Thursday, with the Dow up more than 100 points in the first minutes of trading. The S&P 500 and Nasdaq were up about the same amount in the first half-hour of trading, per MarketWatch. The Dow has risen for five straight days, its longest such streak since 2011, while the S&P has risen for four consecutive days, its longest such streak since 2015. “The market’s really dependent upon (fiscal) stimulus and trying to predict what that’ll likely be,” one investment officer tells Reuters. On Wednesday, President Trump called off talks on a comprehensive fiscal aid bill, but he said some discussions were ongoing with Democrats about boosting support for US airlines and providing Americans with $1,200 stimulus checks. In company news, Coty jumped 4.8% after the cosmetics maker announced the launch of direct-to-consumer websites for Kylie Skin brand in the UK, France, Germany and Australia. Drugmakers Regeneron Pharmaceuticals and Eli Lilly & Co rose 1.8% and 2.5% respectively, after Trump praised their COVID-19 medications and said he will make them free for Americans to use. International Business Machines Corp IBM.N rose 7.5% after saying it was splitting itself into two public companies, capping its years-long effort to diversify away from its legacy businesses to focus on high-margin cloud computing. Eaton Vance Corp. EV.N surged 46.3% and was on course for its best day ever after Morgan Stanley agreed to buy the asset management firm for about $7 billion in a cash-and-stock deal.
Source: https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-rises-on-stimulus-prospects-as-jobless-claims-remain-high-idUSL4N2GZ2NR