Stocks opened with gains early Monday as the fate of coronavirus relief negotiations between the Trump administration and House Democrats remained up in the air with less than four weeks until Election Day.
The Dow Jones Industrial Average opened with a gain of roughly 100 points, rising 0.4 percent as the market opened. The Nasdaq composite opened more than 1.1 percent higher, and the S&P 500 index rose nearly 0.7 percent after the opening bell.
The stock market has risen steadily since President TrumpDonald John TrumpDes Moines mayor says he’s worried about coronavirus spread at Trump rally Judiciary Committee Democrats pen second letter to DOJ over Barrett disclosures: ‘raises more questions that it answers’ Trump asks campaign to schedule daily events for him until election: report MORE abruptly reversed his decision last week to end negotiations with Democrats over another round of stimulus and pandemic response spending.
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Treasury Secretary Steven MnuchinSteven Terner MnuchinPelosi calls Trump administration policies on testing and tracing inadequate Administration officials call on Congress to immediately pass bill to spend unused PPP funds Trump claims he is ‘immune’ from coronavirus, defends federal response MORE on Friday extended a $1.8 trillion offer to Speaker Nancy PelosiNancy PelosiTrump slight against Gold Star families adds to military woes Pelosi calls Trump administration policies on testing and tracing inadequate Trump claims he is ‘immune’ from coronavirus, defends federal response MORE (D-Calif.), the most expensive Republican offer to date. But Pelosi and top Democratic leaders called the offer insufficient to meet the needs of the crisis, while Senate Republicans ripped it as too costly.
Trump and his top White House advisers have generally been supportive of a higher price tag for a stimulus bill than the more fiscally conservative Senate. Larry KudlowLarry KudlowMORE, the president’s top economic adviser, has waived off concerns that a Trump-Pelosi agreement could get blown up on the Senate floor.
“I think if an agreement can be reached, they will go along with it,” Kudlow said Sunday in an interview with CNN’s “State of the Union.”
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