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Nasdaq, S&P 500 Reach Record Highs As Stimulus Talks Make Progress
WASHINGTON (dpa-AFX) - Stocks have moved mostly higher in morning trading on Thursday following the mixed performance seen in the previous session. With the upward move on the day, the Nasdaq and the S&P 500 have reached new record intraday highs.
Currently, the major averages are off their highs of the session but still firmly in positive territory. The Dow is up 138.70 points or 0.5 percent at 30,293.24, the Nasdaq is up 61.35 points or 0.5 percent at 12,719.54 and the S&P 500 is up 13.49 points or 0.4 percent at 3,714.66.
The strength on Wall Street comes amid positive developments on the stimulus front, with lawmakers signaling progress toward an agreement on a new relief package.
Dollar Continues To Slide Amid Rising Stimulus Hopes
WASHINGTON (dpa-AFX) - The U.S. dollar went sliding against most of it peers on Thursday amid hopes of fiscal stimulus in the U.S., and on the Federal Reserve s comments that it would keep interest rate near zero for a considerable length of time.
The Fed also said it will continue it asset purchase program until the economy shows substantial progress towards the bank s goals of maximum employment and price stability.
Following a meeting with other congressional leaders, Senate Majority Leader Mitch McConnell, R-Ken., said the talks have made major headway toward hammering out a targeted pandemic relief package that would be able to pass both chambers with bipartisan majorities.
U.S. Stocks Pull Back Off Early Highs But Remain Mostly Positive
WASHINGTON (dpa-AFX) - Stocks have pulled back off their early highs but remain mostly positive in mid-day trading on Thursday. The advance seen early in the session lifted the Nasdaq and the S&P 500 to new record intraday highs.
Currently, the major averages are holding on to moderate gains. The Dow is up 122.73 points or 0.4 percent at 30,277.27, the Nasdaq is up 61.50 points or 0.5 percent at 12,719.69 and the S&P 500 is up 15.10 points or 0.4 percent at 3,716.27.
The early strength on Wall Street came amid positive developments on the stimulus front, with lawmakers signaling progress toward an agreement on a new relief package.
Treasuries Move Modestly Lower After Seeing Early Strength
WASHINGTON (dpa-AFX) - After moving to the upside early in the session, treasuries moved modestly lower over the course of the trading day on Thursday.
Bond prices climbed off their worst levels in afternoon trading but remained in the red. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1 basis point to 0.930 percent after hitting a low of 0.892 percent.
The dip by treasuries came amid positive developments on the stimulus front, with lawmakers signaling progress toward an agreement on a new relief package.
Following a meeting with other congressional leaders, Senate Majority Leader Mitch McConnell, R-Ken., said the talks have made major headway toward hammering out a targeted pandemic relief package that would be able to pass both chambers with bipartisan majorities.