Stocks finished higher Tuesday as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin narrowed some of their differences on a coronavirus relief package.
The Dow Jones Industrial Average came off earlier highs to finish up 113 points, or 0.4%, to 28,308, the S&P 500 rose 0.47% and the Nasdaq gained 0.33%.
Shares of Google parent Alphabet (GOOGL) - Get Alphabet Inc. Report finished up 1.4% even after the U.S. Department of Justice filed its long-awaited antitrust case against the tech giant, alleging Google abused its power. Court filings showed that 11 state attorneys general joined the lawsuit.
The Justice Department on Tuesday formally announced the charges against Google.
Google said the suit was "deeply flawed," arguing that "people use Google because they choose to -- not because they're forced to or because they can't find alternatives." The company said it would have a fuller statement later Tuesday.
Pelosi said Tuesday that Democrats and the White House were closing in on a relief package. She set a Tuesday deadline for settling on terms of a relief package before the Nov. 3 presidential election.
Pelosi told Bloomberg that a bill for a compromise stimulus package was being written as she awaited a phone call Tuesday from Mnuchin.
“It might not be finished by Election Day,” Pelosi told Bloomberg TV. But she added that she’d like to get a deal done to help people before rent payments are due on Nov. 1.
Procter & Gamble (PG) - Get Procter & Gamble Company (The) Report reported fiscal-first-quarter core earnings of $1.63 a share, beating analysts' estimates of $1.41. Organic revenue at the consumer-goods giant jumped 9%.
P&G raised its full-year sales and core earnings growth outlooks for fiscal 2021. The shares edged up 0.4%.
Netflix (NFLX) - Get Netflix Inc. Report, Texas Instruments (TXN) - Get Texas Instruments Incorporated Report and Snap (SNAP) - Get Snap Inc. Class A Report are expected to report earnings after the closing bell Tuesday.