Stocks took gains Monday as the fate of coronavirus relief negotiations between the Trump administration and House Democrats remained up in the air with less than four weeks until Election Day.
The Dow Jones Industrial Average closed with a gain of 302 points, rising 1 percent. The Nasdaq composite closed with a gain of 3.3 percent, and the S&P 500 index rose nearly 2.1 percent.
The stock market has risen steadily since President TrumpDonald John TrumpTwo ethics groups call on House to begin impeachment inquiry against Barr Trump relishes return to large rallies following COVID-19 diagnosis McGrath: McConnell ‘can’t get it done’ on COVID-19 relief MORE abruptly reversed his decision last week to end negotiations with Democrats over another round of stimulus and pandemic response spending.
Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Trump faces unusual barrier to COVID-19 aid in GOP allies | Advocates plead for housing aid as eviction cliff looms Removing the bone in our throat: Senate must advance the stimulus bill Trump faces unusual barrier to COVID-19 aid: GOP allies MORE on Friday extended a $1.8 trillion offer to Speaker Nancy PelosiNancy PelosiTwo ethics groups call on House to begin impeachment inquiry against Barr McGrath: McConnell ‘can’t get it done’ on COVID-19 relief On The Money: Trump faces unusual barrier to COVID-19 aid in GOP allies | Advocates plead for housing aid as eviction cliff looms MORE (D-Calif.), the most expensive Republican offer to date. But Pelosi and top Democratic leaders called the offer insufficient to meet the needs of the crisis, while Senate Republicans ripped it as too costly.
Trump and his top White House advisers have generally been supportive of a higher price tag for a stimulus bill than the more fiscally conservative Senate. Larry KudlowLarry KudlowMORE, the president’s top economic adviser, has waived off concerns that a Trump-Pelosi agreement could get blown up on the Senate floor.
“I think if an agreement can be reached, they will go along with it,” Kudlow said Sunday in an interview with CNN’s “State of the Union.”
Updated 4:29 p.m.