Apple Inc jumped nearly 7% ahead of an event on Tuesday, when it is expected to unveil its newest iPhones.
The S&P 500 was about 1% below its record closing high from Sept. 2, nearly recovering from most of a 9% pullback last month.
Optimistic sentiment dominated after the Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.
“It looks like the administration wants a deal done before the election,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. “Now it’s up to the Republican Senate to figure out how big the number is going to be.”
However, with growing expectations of a Democratic win in next month’s presidential election, investors are increasingly pointing to potential benefits of a Biden presidency, such as greater infrastructure spending and less global trade uncertainty.
With the Oct. 15 presidential debate officially canceled, Trump plans to travel to key battleground states this week as his doctor declared he was no longer a transmission risk for the novel coronavirus.
Results from big U.S. banks will be in focus this week, with JPMorgan & Co and Citigroup set to report on Tuesday. The S&P 500 banks index <.SPXBK> gained 0.9%.
Overall, analysts expect third-quarter earnings for S&P 500 companies to fall 20.7% from a year earlier, smaller than a 30.6% slump in the second quarter.
The Dow Jones Industrial Average <.DJI> was up 1.13% at 28,910.08 points, while the S&P 500 <.SPX> gained 2.01% to 3,546.95.
The Nasdaq Composite <.IXIC> added 3.16% at 11,945.77.
The S&P 500 energy index <.SPNY> fell 0.4% as oil prices dropped on easing supply worries. [O/R]
Twitter Inc jumped 5.7% after Deutsche Bank upgraded the social media company’s shares to “buy” on expectations of continued growth in 2021.
The S&P 500 posted 70 new 52-week highs and no new lows; the Nasdaq Composite recorded 158 new highs and 11 new lows. My to
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