Stocks on Wall Street climbed on Monday, pulled higher by a rally in technology companies, as lawmakers in the United States began to discuss another coronavirus aid package.
The S&P 500 rose almost 1 percent to return to positive territory for 2020. Amazon, which jumped nearly 8 percent, and other technology companies like Citrix Systems, Microsoft and Adobe were among the best performing stocks in the S&P 500.
The tech-heavy Nasdaq composite rose 2.5 percent.
Energy stocks also climbed after Chevron announced that it had agreed to acquire Noble Energy, a Houston-based oil and gas explorer with an international dimension, for $5 billion. Noble rose more than 5 percent, and shares of smaller energy companies like Apache and Hess saw gains.
This isn’t the first time this year that Wall Street has clawed its way back into positive territory. It did so in June, before the coronavirus pandemic began to spike again in parts of the United States and other countries, sending shares lower again.
News this week on plans for more federal spending and on corporate earnings could set the direction for markets in the days ahead.
Lawmakers have returned to Washington to begin an intense week of negotiations over what would be the fourth significant bailout package since the virus shuttered large swaths of the U.S. economy earlier this year. The talks come as millions of Americans are about to see their expanded unemployment insurance benefits expire.
The House, controlled by Democrats, has signaled that it wants $3 trillion in aid, while the Republican-controlled Senate appears to want something around $1 trillion. President Trump has said he’s interested in including a payroll tax cut in the next round of aid.
Companies will also report on the state of their businesses as they release their results for the three months through June. Earnings reports are expected from Microsoft, Chipotle, Hershey and United Airlines, among dozens of others.
Republicans leaders worked Monday to resolve their differences with President Trump over the next coronavirus relief package ahead of what promises to be an intense battle with Democrats.
Senate Republicans and Trump administration officials worked Monday to resolve their differences over the next coronavirus relief package ahead of what promises to be an intense battle with Democrats.
They were coalescing around a roughly $1 trillion package that would most likely include tax breaks, direct payments and jobless aid for Americans struggling amid the pandemic; money for schools and health care; and liability protections…
Read More:Stocks Erase 2020 Losses as Tech Shares Rally: Live Updates
