US stocks climb as Mnuchin opens door for stimulus and tech rallies

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The stocks climbed on speculation that a new round of economic stimulus will resume. Treasury bills and the dollar have fluctuated.The S&P 500 bounced back on a report that Treasury Secretary Steven Mnuchin plans to resume negotiations with House Speaker Nancy Pelosi. He said Thursday at a Senate Banking Committee hearing that a targeted pandemic relief program was “still needed.” Tech companies and retailers led the advance in equities, following an early rout that took the gauge 10 percent below its September high. A housing blowout report also fueled the gains.

The risk of slowing economic recovery increased with the lack of movement on another stimulus package. Federal Reserve Chairman Jerome Powell reiterated that “it is likely that additional budget support will be needed,” while Fed Bank of St. Louis Chairman James Bullard said the economy could be close to a “full recovery” by the end of the year. Meanwhile, Republican lawmakers have vowed that the presidential transition after the November election will go uninterrupted, berating President Donald Trump’s refusal to engage in a peaceful transfer of power.

Here are some of the main movements in the markets:

Stocks

The S&P 500 was up 0.6% at 12:22 p.m. New York time.
The Stoxx Europe 600 index fell 1 percent.
The MSCI Asia Pacific Index fell 1.8 percent.

Devises

The Bloomberg Dollar Spot Index was down 0.1 percent.
The euro was little changed at US $ 1.1665.
The Japanese yen was little changed at 105.42 per dollar.

Obligations

The yield on 10-year Treasury bills fell by less than a basis point to 0.67 percent.
Germany’s 10-year yield rose less than a basis point to -0.50 percent.
Britain’s 10-year yield rose less than a basis point to 0.219 percent.

Basic products

West Texas Intermediate crude climbed 0.1 percent to US $ 39.98 a barrel.
Gold strengthened 0.4 percent to US $ 1,870.24 an ounce.
Silver strengthened 0.2 percent to US $ 22.82 an ounce.



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