Stock rose in intraday trading 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 former vice president 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.”
However, Jim Cramer said it may be best to pick stocks unrelated to stimulus hopes.
As for the debate--which has been heralded as a dumpster fire and became an Alpha Male contest with both Trump and Biden interrupting each other--Trump escalated his efforts to undermine public confidence in the election, saying at one point the election was already "rigged" despite no evidence of that.
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.