Stocks rose in intraday trading on Wednesday after Treasury Secretary Steven Mnuchin indicated he expects to reach agreement on a stimulus package with House Speaker Nancy Pelosi, overshadowing worries about a contested election following an acrimonious debate between President Donald Trump and Democratic candidate Joe Biden.
Mnuchin told CNBC that he would be speaking with Pelosi Wednesday afternoon. He said he hopes by Thursday to reach an “understanding” with Pelosi on a relief package.
“I say we’re going to give it one more serious try to get this done and I think we’re hopeful that we can get something done,” Mnuchin said. “I think there is a reasonable compromise here.
The U.S. private sector added 749,000 jobs in September, according to Automatic Data Processing, possibly setting up a stronger-than-expected reading for nonfarm payrolls on Friday. Economists had expected U.S. private employers to add 605,000 jobs to payrolls last month.
Jim Cramer said that investors should turn away from the debate that took place last night and pay attention to the ongoing talks around a stimulus package.
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