Stocks close higher as Trump prepares White House return, stimulus hopes persist

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Stocks close higher as Trump prepares White House return, stimulus deal looks likely
U.S. stock benchmarks closed sharply higher Monday as President Donald Trump said he would depart Walter Reed Medical Center Monday evening after receiving treatment for COVID-19, and some analysts suggested that the odds of another stimulus package had increased. The Dow Jones Industrial Average rose 1.7%, 465 points, to close near 28,148, while the S&P 500 was up 1.8%, 60 points, settling near 3,409. The Nasdaq jumped 257 points, 2.3%, to touch 11,332 at the close. Trump’s prognosis helps calm markets nervous over the idea of a temporary transfer of power, but it also suggests that some of the experimental treatments he received may be beneficial in fighting the coronavirus. Still, as election odds turn in favor of former Vice President Joe Biden, many analysts believe it offers Trump a bigger incentive to deal with Congressional Democrats, who want another round of fiscal aid. Shares of two companies that produce the drugs given to Trump over the past few days were higher Monday: Regeneron Pharmaceuticals shares jumped more than 7%, while Gilead Sciences Inc. shares gained 2.3%.
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