Stocks bounced back sharply after an abrupt change in direction. President Donald Trump lifted investors’ hopes for at least some more fiscal stimulus
rose 3.4% after saying it had submitted a request to the U.S. Food and Drug Administration for emergency use of its experimental COVID-19 antibody treatment.
Reuters/Ipsos opinion polls released on Tuesday showed Democratic presidential candidate Joe Biden expanding his lead over Trump in battleground Michigan and the two candidates locked in a toss-up race in North Carolina ahead of the Nov. 3 election. Investors also are preparing to hear from companies soon on the third quarter, with earnings expected to kick off next week. Analysts expect earnings at S&P 500 companies to have dropped about 21% in the quarter from a year ago, according to IBES data from Refinitiv.
The S&P 500 posted 40 new 52-week highs and no new lows; the Nasdaq Composite recorded 125 new highs and 16 new lows.
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