Stocks rose in intraday trading on Thursday as Wall Street monitored lawmakers' efforts on crafting the fifth coronavirus aid package.
Treasury Secretary Steven Mnuchin said he and House Speaker Nancy Pelosi “made a lot of progress in a lot of areas” in talks they held Wednesday. Politico reported Thursday, however, that Pelosi was skeptical they'd be able to reach a deal.
The House is expected to vote on a slimmed-down $2.2 billion aid proposal later Thursday, though the legislation has little chance of passing in the Senate.
Weekly jobless claims in the U.S. came in at 837,000, slightly lower than economists' forecasts. However, the number of Americans applying for first-time jobless benefits held steady for a fifth straight week, a sign that the summer rebound in the labor market spurred by the reopening of businesses could be starting to fade.
The official U.S. jobs report for September will be released Friday.
U.S. manufacturing in September expanded less than expected. The Institute for Supply Management's index of national factory activity fell to 55.4 in September from 56 in August.
Jim Cramer said he's shifting his attention to stocks that don't need a stimulus deal. Think semiconductors and pharmaceuticals.
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