Stocks rose in intraday trading on Thursday as Wall Street grew more optimistic lawmakers could secure further fiscal stimulus for the U.S. economy even if it comes in the form of smaller relief bills.
President Donald Trump told Fox Business on Thursday that stimulus talks, which he declared over earlier this week, were showing progress, and could include support beyond the airline sector.
This comes after stocks finished higher Wednesday after Trump said he would consider alternative aid measures such as a new round of stimulus checks, the Paycheck Protection Program and support for airlines. House Speaker Nancy Pelosi also signaled support for a standalone airline stimulus bill.
However, since the time of taping, Nancy Pelosi announced that there will be no standalone aide for airlines without a full stimulus package.
Prior to the news, Cramer Jim Cramer said he didn't understand how airlines can stay in business without stimulus as the hospitality sector continues to be decimated by the coronavirus pandemic. "To me, it's not a business. Every day they just lose money," Cramer said.
And this came after International Business Machines said it would spin off its infrastructure division, helping IBM concentrate its focus on hybrid cloud growth.
Regeneron Pharmaceuticals was getting a boost in intraday trading on Thursday after President Donald Trump praised its coronavirus antibody treatment and the drugmaker said it would seek emergency use authorization from the Food and Drug Administration.
And jobless claims in the U.S. remain elevated, with the latest weekly data showing an additional 840,000 Americans filed for first-time unemployment benefits.
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