DJIA : Plea for Fiscal Aid

(Wed, 7 Oct 2020). The Dow Jones rallied on Tuesday, as Jerome Powell joined Donald Trump and Nancy Pelosi in calling for more coronavirus stimulus.

The Dow Jones rallied triple digits on Tuesday. Dow bulls are optimistic about a stimulus deal. Jerome Powell joins Nancy Pelosi and Donald Trump in calling for an agreement. The Dow Jones rallied on Tuesday, as investors continue to follow the carrot of stimulus talks. With Nancy Pelosi, Jerome Powell, and Donald Trump all crying out for economic stimulus, Wall Street remains convinced a fiscal package is on the way.

Powell, Pelosi, and Trump Join Forces in Push for Stimulus Deal

Investors are laser-focused on the progress of stimulus talks in Congress. One thing that all parties seem to agree on is that it is urgently needed. Donald Trump tweeted over the weekend about the need for fiscal support, and on Tuesday, Federal Reserve Chair Jerome Powell echoed that sentiment. Chairman Powell’s warning could not be more clear: robust action is immediately needed to avert economic catastrophe from the devastation of the coronavirus pandemic.

As it stands, the bulk of the resistance comes from Republicans, who are eager to avoid another round of turbo-charged unemployment benefits. The combination of Trump and Pelosi being at least partially on the same team may prove to be an irresistible force. Wall Street remains convinced that a deal is coming.

Dow 30 Stocks: Boeing, Apple Struggle

A mixed day for the Dow 30 saw several of its big names struggling. Boeing plunged around 3% after it released a forecast demonstrating markedly weaker demand for its aircraft. Markets should be well prepared for this, given the recent mass layoffs at the aerospace contractor.

Apple and Microsoft fell into the red on a less buoyant day for the tech sector. Apple lost 1.3% while Microsoft slipped 0.8%. Nike was the top performer, rallying 1.8%.

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