U.S. stocks climbed Thursday, but only after pinballing through another shaky day of trading, as Wall Street waits to see if Washington can get past its partisanship to deliver another economic rescue package.
U.S. stocks climbed Thursday, but only after pinballing through another shaky day of trading as Wall Street waits to see whether Washington can get past its partisanship to deliver another economic rescue package.
Such big swings have become typical recently as investors handicap the chances of a deal on Capitol Hill to send more cash to Americans, restore jobless benefits for laid-off workers and deliver assistance to airlines and other industries hit particularly hard by the pandemic.House Speaker Nancy Pelosi and Treasury Secretary Steven T. Mnuchin continued their talks Thursday, but no breakthrough arrived before stock trading ended on Wall Street.
Consumer spending also strengthened by more than expected in August, which is key because it’s the main driver of the U.S. economy. But other reports were more discouraging. Personal incomes weakened by more than expected last month, and growth in the country’s manufacturing sector also fell short of forecasts.Other warning signs are looming for the economy, which has seen some slowdowns recently after the last round of stimulus approved by Congress expired. Walt Disney Co.
Continued strength for Big Tech stocks helped to lift the market. Amazon, Microsoft, Apple, Netflix, Facebook and Google’s parent company alone accounted for the bulk of the S&P 500’s gain.The market’s turbulent moves were reminiscent of Wednesday’s, as well as of the last several weeks, as rising and falling hopes for a deal on Capitol Hill have kept markets shaky.
In Asian markets, trading on the Tokyo Stock Exchange was suspended because of a technical failure in its computer systems.The Tokyo Stock Exchange said it plans for normal trading to resume Friday. Officials said trading was halted early Thursday because rebooting the huge system after the malfunction would have caused confusion.
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