Stocks moved higher in intraday trading on Wednesday as the prospects for a stimulus agreement in Washington have brightened.
Treasury yields jumped Wednesday and the dollar pulled back, suggesting investors expect a breakthrough in the stimulus negotiations.
House Speaker Nancy Pelosi expressed some optimism Tuesday that a relief package could be reached this week.
“That’s the plan. That’s what I would hope,” Pelosi said following a phone call with Treasury Secretary Steven Mnuchin. The two will be speaking again Wednesday, a day after Pelosi's self-imposed deadline to agree on terms of a relief package.
White House Chief of Staff Mark Meadows told Fox Business on Wednesday that the goal was to reach "some kind of deal in the next 48 hours or so.”
However, many Senate Republicans remain opposed to a relief package the size of what the administration has offered of $1.88 trillion and Pelosi's proposal of $2.2 trillion.
Senate Majority Leader Mitch McConnell has warned the White House not to rush into an agreement before the election, Bloomberg reported, citing a person familiar with the matter.
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