Stocks Surge After White House Says It’s Open To Pandemic Aid After All

Traders gather on the New York Stock Exchange trading floor on Sept. 30. Major U.S. stock indexes rose Wednesday after President Trump said he d want to consider economic relief steps. Trump earlier had aborted such talks with legislators.

Courtney Crow/AP

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Courtney Crow/AP

Traders gather on the New York Stock Exchange trading floor on Sept. 30. Major U.S. stock indexes rose Wednesday after President Trump said he d be prepared to think about financial relief steps. Trump earlier had cancelled such talks with legislators.

Courtney Crow/AP

Major U.S. stock indexes rose Wednesday after President Trump stated he d be prepared to consider economic relief measures. Trump earlier had called off such talks with legislators.

Upgraded at 4:35 p.m. ET

Airlines, lodging and cruise liner stocks did especially well, with United Airlines up 4.3% and Delta Air Lines rising 3.5%.

Stock prices fell all of a sudden Tuesday afternoon after Trump tweeted he was ending settlements with House Democrats over a prospective financial help bill.

Stocks completed dramatically higher after President Trump said hes open to stand-alone expenses to assist airline companies and small organizations, a reversal from declarations he made earlier.

Trump believes it was “much better to be transparent” with Americans about the possibility of a help bill passing, Meadows said on Fox News.

Hours after sending out the tweet, Trump seemed to reverse course, saying he was “all set to sign today” if Congress approved a bill to issue $1,200 checks for Americans. He likewise said he favored aid for airline companies and another $135 billion to help small companies.

Meadows stated he was not optimistic about an extensive expense. Home Speaker Nancy Pelosi is firmly insisting on as much as $2.4 trillion in aid, which he called “extremely high numbers,” while Republicans have provided a $1.6 trillion strategy.

Airlines have actually seen their guest traffic plummet since the pandemic lockdowns began. With relief talks stalled, airline companies have actually revealed they are furloughing thousands of employees.

Traders collect on the New York Stock Exchange trading floor on Sept. 30. Significant U.S. stock indexes rose Wednesday after President Trump stated he d be prepared to think about financial relief procedures. Trump earlier had called off such talks with lawmakers.

White House chief of personnel Mark Meadows said Wednesday morning that Trump wrote the tweet after talking to Senate Majority Leader Mitch McConnell and House Republican leader Kevin McCarthy about the lack of progress in talks with House Democrats.

All the major stock indexes leapt, getting better from high losses Tuesday. The benchmark S&P 500 ended up 1.7%, while the Dow Jones Industrial Average was up more than 530 points, or 1.9%. The Nasdaq composite index got 1.9%.

Meadows suggested that he and Treasury Secretary Steven Mnuchin are discussing legislation to supply aid in stand-alone bills to companies struck by the pandemic.