Futures for the major benchmark indices were up on Monday morning as investors kept a close eye on President Donald Trump’s COVID-19 prognosis and negotiations over an economic stimulus plan.
The Dow Jones Industrial Average pointed to a 200-point gain, or 0.7% growth, at market open. S&P 500 futures rose about 0.6%, or 21 points, while the Nasdaq Composite futures jumped 0.7%, or 82 points.
Wall Street appeared to cheer reported improvements on the United States leader’s health just days after he was diagnosed with the novel coronavirus. At a press briefing on Sunday, White House physician Dr. Sean Conley suggested that Trump’s condition has improved, and he could be discharged from the Walter Reed National Military Medical Center as early as today.
On Twitter, Trump shared a minute-long video in which he detailed his experience with the illness, as well as announced that he would pay a visit to supporters outside the hospital via motorcade ride. “We’re getting great reports from the doctors,” he said. “I learned a lot about COVID … I get it. I understand it.” He also later that same day delivered on the promise to visit to supporters outside the hospital via motorcade ride.
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— Donald J. Trump (@realDonaldTrump) October 4, 2020
There has also been optimism surrounding a compromise between House Democrats and Senate Republicans over another relief bill that could help boost the U.S. economy. On Saturday, Trump urged his own advisors and congressional leaders to “work together and get it done.”
OUR GREAT USA WANTS & NEEDS STIMULUS. WORK TOGETHER AND GET IT DONE. Thank you!
— Donald J. Trump (@realDonaldTrump) October 3, 2020
Last week, the House passed a $2.2 trillion bill as a followup to the Coronavirus Aid Response and Economic Security Act (or CARES) Act that was introduced at the end of March as the pandemic took hold in the country. The legislation would provide a second round of $1,200 checks for individuals and $500 per dependent, plus restore the $600 weekly federal unemployment benefits, which expired at the end of July, and continue those payments through the end of January.
What’s more, the measure plans to offer $436 billion in aid to states and cities, as well as bring back the Paycheck Protection Program for small businesses.
On Sunday, Speaker of the House Nancy Pelosi told reporters that lawmakers were “making progress” on talks. “Relief is on the way,” she said.