U.S. stocks rally amid stimulus hopes

Source: Xinhua| 2020-09-29 04:47:01|Editor: huaxia

NEW YORK, Sept. 28 (Xinhua) -- U.S. stocks finished noticeably higher on Monday as market sentiment was lifted by hopes for a deal on a fresh coronavirus aid package.

The Dow Jones Industrial Average jumped 410.10 points, or 1.51 percent, to 27,584.06. The S&P 500 rose 53.14 points, or 1.61 percent, to 3,351.60. The Nasdaq Composite Index rallied 203.96 points, or 1.87 percent, to 11,117.53.

All the 11 primary S&P 500 sectors closed higher, with energy and financials up 2.33 percent and 2.27 percent, respectively, leading the gains.

U.S.-listed Chinese companies traded mostly higher, with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The moves came after U.S. House Speaker Nancy Pelosi said on Sunday that another COVID-19 stimulus plan was still possible as Democrat lawmakers were trying to forge ahead on an aid package worth about 2.4 trillion U.S. dollars.

House Democrats unveiled a three-trillion-dollar relief proposal in May, which did not gain support from Republicans. Senate Republicans put forward a one-trillion-dollar package in late July and failed to advance a slimmed-down proposal earlier this month.

Recently, Pelosi has insisted that Democrats will not accept any package lower than 2.2 trillion dollars.

More than 7.1 million confirmed COVID-19 cases have been reported in the United States with nearly 205,000 deaths as of Monday afternoon, according to a tally by Johns Hopkins University.

For the week ending Friday, the Dow fell 1.75 percent, and the S&P 500 dipped 0.63 percent, while the Nasdaq rebounded 1.11 percent. Enditem