{"id":79292,"date":"2020-10-01T02:16:57","date_gmt":"2020-09-30T23:16:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/stocks-end-higher-on-stimulus-hopes-even-as-wall-street-slams-debate\/"},"modified":"2020-10-01T02:16:57","modified_gmt":"2020-09-30T23:16:57","slug":"stocks-end-higher-on-stimulus-hopes-even-as-wall-street-slams-debate","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/stocks-end-higher-on-stimulus-hopes-even-as-wall-street-slams-debate\/","title":{"rendered":"#Stocks end higher on stimulus hopes even as Wall Street slams debate"},"content":{"rendered":"

“#Stocks end higher on stimulus hopes even as Wall Street slams debate<\/strong>”
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\n Stocks ended the day higher on Wednesday, no thanks to Tuesday night\u2019s chaotic and widely-criticized presidential debate.<\/p>\n

Stock indices soared in early morning trading with the Dow Jones industrial average rising more than 550 points at the session\u2019s high on renewed hopes for a stimulus package.<\/p>\n

Speaking at CNBC\u2019s \u201cDelivering Alpha\u201d conference, Treasury Secretary Steven Mnuchin said he is \u201chopeful\u201d about coming to an \u201cunderstanding\u201d with House Speaker Nancy Pelosi on a stimulus package as soon as this week.<\/p>\n

\u201cI say we\u2019re going to give it one more serious try to get this done and I think we\u2019re hopeful that we can get something done,\u201d Mnuchin said at the conference, which is co-hosted by Institutional Investor magazine. \u201cI think there is a reasonable compromise here.\u201d<\/p>\n

Investor\u2019s pared back their enthusiasm somewhat after Senate Majority Leader Mitch McConnell poured cold water on hopes that a new bill is imminent or even feasible. Mnuchin and Pelosi were still in negotiations as the markets closed.<\/p>\n

The Dow ended the day up 329.04 points, or 1.2 percent, to 27,781.70, while the S&P 500 gained 0.8 percent, or 27.53 points, to 3,363.00. The Nasdaq climbed 82.26 points, or 0.7 percent, to finish at 11,167.51. All three indices are down 4 percent or more for the month, however, marking the end of a welcome nine-month streak.<\/p>\n

Wednesday\u2019s gains came despite blistering criticism from high-profile corners of Wall Street over President Trump\u2019s handling of Tuesday night\u2019s debate.<\/p>\n

\u201cSo far the stock market doesn\u2019t seem too upset at the prospect of Biden winning, despite Trump\u2019s more market friendly policies,\u201d tweeted<\/a> former Goldman Sachs CEO Lloyd Blankfein. \u201cPerhaps folks think their stocks and 401(k)s will do better with higher taxes and increased regulation than with nastiness and scorched earth.\u201d<\/p>\n

Referring to Trump\u2019s debate comment that noted hate group Proud Boys should \u201cstand down and stand by,\u201d billionaire investor Barry Sternlicht told the Delivering Alpha conference on Wednesday morning that he no longer backs Trump to win in November.<\/p>\n

\u201cThat was it for me,\u201d pronounced Sternlicht, who has been supportive of the president on numerous issues. \u201cI have no room in my life for that.\u201d<\/p>\n

The stock market didn\u2019t reflect the criticism largely because investors don\u2019t care at this point who wins, even a tax-raising Democrat, so long as there\u2019s not a contested election, experts said.<\/p>\n

\u201cWall Street isn\u2019t worried about a Biden win as much as it is of a a contested result,\u201d said Jason Ware, chief investment officer at Albion Financial Group. \u201cWhether it\u2019s Biden or Trump is not going to have a major impact on equities.\u201d<\/p>\n

That sentiment was echoed Wednesday by a hedge fund manager who called the debate a \u201cnightmare\u201d and noted that each candidate has his pros and cons.<\/p>\n

\u201cI like what Trump has done for me on taxes and regulation, but it\u2019s gotten too crazy. I\u2019m okay if Biden raises taxes, and I can sleep at night.\u201d\n <\/p><\/div>\n