Wall Street registered back-to-back weekly gains with the S&P 500 and Nasdaq Composite Index seeing their best week since July, and the Dow Jones enjoying biggest weekly rise since August.
The optimism came primarily on the back of prospects for another round of fiscal stimulus from Congress. Per Fox Business News, there were “really good” odds of reaching a deal with Democrats in Congress on a new round of coronavirus stimulus for the battered U.S. economy. A report from the Wall Street Journal stated that Treasury Secretary Steven Mnuchin is drafting a proposal worth $1.8 trillion, closer to the $2.2 trillion package proposed by U.S. House Speaker Nancy Pelosi (read: 5 ETFs Rising as ‘Reflation Trade’ Picks Up on Stimulus Hope).
Additionally, growing expectations of a Democratic victory in next month’s presidential election is driving the stocks higher. Market speculators believe that if the Democrats take the White House and