Stocks Rally as Dip Buying Intensifies After Rout: Markets Wrap

Pelosi, Mnuchin spoke about coronavirus relief package
Technology companies led the equity rebound on Friday

U.S. Treasury Secretary Steven Mnuchin says he’s willing to sit down anytime with Democrats to negotiate a new round of bipartisan economic stimulus legislation.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Rita Nazareth and Claire Ballentine

September 24, 2020 at 9:44 PM UTC

Updated on

September 25, 2020 at 8:45 PM UTC

This article is for subscribers only.

Stocks climbed as dip buyers appeared after the market slide and traders awaited developments on U.S. stimulus talks.

After the close of regular trading, House Speaker Nancy Pelosi’s spokesman said that she talked with Treasury Secretary Steven Mnuchin Friday regarding a relief package, and they agreed to continue their conversation. Tech companies led gains in the S&P 500, while real-estate, industrial and consumer-discretionary shares rose at least 1.4%. Boeing surged on a news report the top U.S. aviation regulator plans to test-fly the grounded 737 Max on Wednesday. Carnival and Royal Caribbean Cruises rallied after being upgraded at Barclays, which said the “worst is in the past” for cruise companies. The dollar advanced.