Stocks open higher on Wall Street as hope remains that Washington can approve more aid for the economy. A new report suggested the pace of layoffs is slowing a bit, though it remains historically high.
A man wearing a face mask stands near a screen showing the Korea Composite Stock Price Index at the Korea Exchange in Seoul, South Korea, Thursday, Oct. 8, 2020. Asian shares were mostly higher Thursday on optimism that U.S. stimulus may be coming, as President Donald Trump appeared to reverse his earlier decision to halt talks on another economic rescue effort.
Other U.S. and global stock indexes were also higher, but the last few weeks of trading have shown repeatedly that early gains for the market don’t always last. Stocks have been particularly rocky since early September, swerving on worries about everything from too-expensive prices to the still-raging pandemic, but the index has been generally climbing the last two weeks.The Dow Jones Industrial Average was up 111 points or 0.4%, at 28,415 as of 9:45 a.m. Eastern time.
That’s caused the market to swoop up and down this week in particular. On Tuesday, Trump said that he told his representatives to halt negotiations until after the election because he said House Speaker Nancy Pelosi was negotiating in bad faith. That caused stocks to suddenly swing from a 0.7% gain to a 1.4% drop.
On Thursday, Trump said in an interview with Fox Business News that he shut down talks “because they weren’t working out. Now, they are starting to work out.”“The on-and-off nature of the fiscal stimulus discussion in the U.S. hardly inspires lasting confidence,” Riki Ogawa of Mizuho Bank said in a report, noting such uncertainty will continue through the presidential election campaign, and perhaps even after the vote.
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