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The Dow Jones Industrial Average had its biggest gains on Thursday after it climbs over 100 points after the trading day. For specifics, the Dow climbed by 122 points to close at $28,425.51, sending other Wall Street indices on a similar soaring spree.
Besides the Dow Jones (INDEXDJX: .DJI) 100 points gain, the S&P 500 Index (INDEXSP: .INX) also added 0.8% amounting to 27.38 points to close at 3.446.83 while the Nasdaq Composite (INDEXNASDAQ: .IXIC) gained 0.5% to close at 11,420.98. The bullish rally also cascaded down to stocks such as the Boeing Company (NYSE: BA) which advanced 2.06% to close at $168. The airline manufacturer’s stocks also added more gains in the pre-market.
The new bullish tickers in the indices also fueled further gains in tech stocks. Tesla Inc (NASDAQ: TSLA) rose 0.15% to close at $425.92. Alphabet Inc (NASDAQ: GOOGL) ended Thursday’s trading session with a 1.66% gain. Facebook Inc (NASDAQ: FB) saw a 2.19% increase to close $263.76. Amazon.com Inc (NASDAQ: AMZN) took a slight deviation to close on a losing side with a 0.16% plunge to close at $3,190.55. Apple Inc (NASDAQ: AAPL), Nike Inc (NYSE: NKE) also closed 0.096% and 0.27% lower respectively.
Airline stocks closed higher on Thursday with United Airlines Holdings Inc (NASDAQ: UAL) leading the gains with a 1.70% rise to close at $37. American Airlines Group Inc (NASDAQ: AAL) and Delta Air Lines Inc (NYSE: DAL) gained 0.65% and 1.65% respectively.
Dow 100 Point Gains Stirred By Polity Volatility
The increase in the Dow Jones by over 100 points came and the general Wall Street performance came after House Speaker Nancy Pelosi said that there will not be a standalone stimulus package for airlines. With recent advances in talks about a new coronavirus stimulus bill, the directions of the negotiations appear uncertain as President Donald Trump halted general talks on relief packages but calls for aid for airlines.
Analysts are now divided on whether a stimulus agreement will be reached before the elections. “We’ll see if we can get something done before the election. That would be a favorable outcome,” said Gregory Faranello, head of U.S. rates trading at AmeriVet Securities. “If that starts to turn around, then we could see another blip in the market like the one we saw on Tuesday.”
The entire uncertainty on Wall Street is further fueled by the increasing COVID-19 cases as well as the forthcoming presidential elections on November 3. While the future of stocks seems uncertain, hopes of getting a coronavirus vaccine approval may stir future bullish runs in the short term.