US stocks end choppy session higher

Economies.com
2020-09-24 20:48PM UTC

US stock indices rose on Thursday, after a bumpy trading session due to weak economic data and continuing sell-off on tech shares, but Wall Street ended in the black, after news related to a new Covid-19 relief bill.

 

News agencies reported that Democrats in the US House of Representatives are preparing a bill for a second Covid-19 relief package worth $2.4 trillion, which is less than the previous relief bill of $3.4 trillion.

 

Data showed the initial US unemployment claims rose to 870,000 last week .vs the previous reading of 866,000, worse than forecasts of a drop to 845,00.

 

Chicago Fed President Charles Evans said that the US economic crisis is worse than it appears in the economic data, while other Federal Reserve's members expressed that the economy would recover from the pandemic by the end of this year.

 

White House Chief Health Advisor Anthony Fauci expressed that an effective vaccine is being developed, adding that the US would have the vaccine by next November or December.

 

To the oil market, WTI October futures at Nymex rose 1% or 38 cents, to close at $40.31 a barrel, after hitting a high of $40.31 and a low of $39.1.

 

Brent November futures rose 0.4% or 17 cents, to $41.94 a barrel, with a high of $42 and a low of $41.2.  

 

As for stocks, Dow Jones rose 0.2% or 52 points to close at 26,815, after it hit a day high 27,094 and a low 26,597.

 

Nasdaq rose 0.3% or 39 points to 10,672, after it hit a high 10,799 and a low 10,520.

 

S&P 500 rose 0.3% or 9  points to 3,246, after it hit a high 3,278 and a low 3,209.

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