⁍ The S&P 500 climbed on Wednesday helped by gains in internet companies Facebook and Alphabet.
⁍ Investors waited for signs that Washington could be close to agreeing on the next coronavirus aid package.
⁍ Snap Inc surged 26.6% after the Snapchat messaging app owner beat user growth and revenue forecasts.
– The S&P 500 climbed on Wednesday helped by gains in internet companies Facebook and Alphabet, while investors waited for signs that Washington could be close to agreeing on the next coronavirus aid package to support a fragile economic recovery. Snap Inc surged 26.6% after the Snapchat messaging app owner beat user growth and revenue forecasts, as more people signed up to chat with friends and family during the COVID-19 pandemic. The results boosted the shares of social media companies Facebook and Twitter Inc, which were up 4.7% and 7.2%, while image sharing company Pinterest Inc gained 11.6%, per Reuters. Gains in Facebook and Google-parent Alphabet Inc lifted the communication services sector by 1.8%. White House Chief of Staff Mark Meadows said the Trump administration and House Democrats shared a goal of reaching an agreement on the stimulus deal in the next 48 hours. The biggest sticking point remained funding for state and local governments, he said, adding that progress has been made toward a deal. Talks between Treasury Secretary Steven Mnuchin and Democratic House Speaker Nancy Pelosi will continue on Wednesday. The Trump administration has proposed $1.8 trillion in aid, while Democrats are pushing for $2.2 trillion. “We could expect talks to go on right until the election on Nov. 3, but it is likely (a deal) will be reached which could send markets on an upward trajectory,” said Mihir Kapadia, chief executive officer of Sun Global Investments.
Source: https://www.reuters.com/article/us-usa-stocks/wall-street-muted-with-eyes-on-stimulus-idUSKBN2761D5