By Francisco Rodriguez-Castro on October 8, 2020
The US stock market finished the session with slight gains.
There are two main reasons for this rise; one is the Labor Department reported that Initial Claims for Unemployment Insurance at 840,000, a decrease from 849,000 last week, or 1.06%.
The other reason is Wall Street has its sights on the future after the general elections, as the increased probability of Joe Biden becoming the next president could unlock the current freeze on the stimulus package. The Democrats and Republicans face an abyss of difference in trillions of dollars with the COVID-19 relief package.
On to markets.
- The Dow Jones Industrial Average closed at 28,425.51 up 122.05 points, or 0.43%.
- The Standard & Poor’s 500 Index closed at 3,446.83, up 27.38 points, or 0.80%.
- The NASDAQ Composite Index closed at 11,420.98, up 56.38 points, or 0.50%.
- The Birling Capital Puerto Rico Stock Index closed at 1,645.09 up 34.76 points or 2.16%.
- The US Treasury 10-year note closed down at 0.78%.
- The US Treasury 2-year note closed down at 0.13%.