NEW YORK (Reuters) – U.S. stocks closed sharply higher and crude prices surged Monday as renewed optimism surrounding stimulus negotiations and news of President Donald Trump’s health progress helped calm investor anxiety.
U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued talks toward a bipartisan agreement on a new pandemic relief package. That revived hopes for a new round of stimulus more than two months after emergency unemployment benefits expired for millions of Americans.
“This probably is a bit of a relief rally,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “Two weeks ago there wasn’t much hope and now there’s a growing consensus that stimulus could pass before the election.”
“That seems to be where the market is leaning right now.”
Trump’s physician, Dr. Sean Conley, announced late in the session that the president has met or exceeded all standard criteria to