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KiplingerOct 20, 2020
Stock Market Today: Glimmer of Stimulus Hope Gives Stocks a Small Lift
When is a deadline not a deadline? Apparently - and fortunately, for the stock market - when it relates to politicians passing a stimulus deal.

House Speaker Nancy Pelosi on Tuesday walked back her comments setting a hard deadline of today to strike an agreement, but for reasons most investors could get behind. That is, Democrats and the White House are said to be nearing a middle ground in their negotiations, and Pelosi had a 3 p.m. talk set with Treasury Secretary Steven Mnuchin.

SEE MORE 25 Stocks That Billionaires Are Selling Also helping buoy spirits were a few strong results from the third-quarter earnings slate.

Insurer Travelers (TRV, 5.6%) posted Street-beating profits despite higher-than-usual catastrophe losses. And Procter & Gamble (PG, 0.4%) enjoyed higher demand for cleaning and laundry products, which lifted the company's sales and earnings ahead of estimates.

"PG has been building momentum longer than most of its peers and well before Covid-19 hit, which is one reason we view PG as a post-pandemic winner," writes CFRA analyst Arun Sundaram, who rates PG shares at Buy. "Additionally, the investments PG has made in its brands, capabilities, and organization are just beginning to pay off and should manifest into more market share gains."

The Dow Jones Industrial Average closed up 0.4% to 28,308, while the S&P 500 ( 0.5% to 3,443) and Nasdaq ( 0.3% to 11,516) also headed to higher gro


MarketWatch MarketPulseOct 20, 2020
IBM's stock is the lone Dow decliner, would cut about 30 points off the Dow's price
Shares of International Business Machines Corp. dropped 3.7% in premarket trading Tuesday, and was the only decliner among Dow Jones Industrial Average components ahead of the open, after the technology giant reported another quarterly revenue decline and didn't provide financial guidance. The stock's implied price decline would shave about 30 points off the Dow's price, while Dow futures rose 103 points, or 0.4%. Wedbush analyst Moshe Katri said the third-quarter results, which were reported late Monday, were "mixed," as the net result continues to be "lackluster revenue growth and inconsistent margin performance." The stock has lost 6.4% year to date through Monday, while the Dow has eased 1.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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