S&P 500 Breaks Through Key Support Line on Chance of Stimulus
- Mnuchin and Pelosi talks spur hopes for more pandemic aid
- Index closed above 50-day moving average after days of trying
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Talk of a possible deal between the White House and Congress on additional Covid-19 aid boosted U.S. equities, sending the S&P 500 Index past a key level that could portend more gains.
The S&P 500 Index rose 0.8% Wednesday to its highest since mid-September, closing just above its 50-day moving average after two days of trying and failing to top the hurdle. Shares were lifted after Treasury Secretary Steven Mnuchin said he saw “one more serious try” for a deal with congressional Democrats to get another fiscal stimulus package for pandemic relief, though markets came off their highs as the day ended without a deal.