Stocks Gain on Stimulus Hopes in Choppy Trading: Markets Wrap
U.S. stocks finished higher after a volatile session that saw traders whipsawed by reports on the outlook for a new round of government stimulus.
The S&P 500 Index climbed 0.8%, paring gains of as much as 1.7% after Treasury Secretary Steven Mnuchin said there had been no agreement on pandemic relief. Speculation a deal was in the works kept the benchmark at a two-week high. An exchange-traded fund tracking the S&P 500 fell 0.2% in after-hours trading as Democrats postponed a vote on their proposal with negotiations continuing.
Asian stocks were set for modest gains at the start of the year’s final quarter though volumes may be subdued Thursday with many markets closed for holidays. U.S. shares earlier finished higher after a volatile session. Futures in Japan and Australia climbed. The S&P 500 Index earlier climbed 0.8%, paring gains of as much as 1.7% after Treasury Secretary Steven Mnuchin said there had been no agreement on pandemic relief, though talks would continue. Speculation a deal was in the works kept the benchmark at a two-week high. The dollar declined and Treasury yields ticked higher. Markets in China, Hong Kong, Taiwan and South Korea are shut for holidays.
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