White House Chief of Staff Meadows says the coronavirus relief negotiations have entered new phase with committee chairs talking, ”looking at technical language”, in a CNN interview.
He says that Trump is willing to go bigger on coronavirus deal, including direct payments to families.
Meadows says the coronavirus deal is currently at $1.9 trillion.
Trading on Wall Street has been influenced by such headlines this week, mostly conflicting and like dangling a carrot to a donkey, traders have been disappointed when the prospects of a deal have been pulled from in front of their eyes.
On Thursday, however, the proverbial carrot was left swinging for the bulls to chase by a flurry of reports related to developments in the stimulus talks.
US House of Representatives Speaker Nancy Pelosi reported progress in talks with the Trump administration and said the legislation could be hammered out “pretty soon”.
However, White House economic adviser Larry Kudlow cautioned “significant policy differences” remained, which were unlikely to be resolved before the Nov. 3 election.
However, it would appear that the market is getting accustomed to these types of statements and are expecting a large package of stimulus from whichever party wins the US elections.
Another stimulus deal would pave the way for another bullish trend in stocks.
Consequently, the Dow Jones Industrial Average closed 152.84 points higher, or 0.54%, to 28,363.66, the S&P 500 added 17.93 points, or 0.52%, to 3,453.49 and the Nasdaq Composite put on 21.31 points, or 0.19%, to 11,506.01.