Stock market expands gains to 5th day

Published:

On: Aug 2020

The US stock market closed on high note for fifth session in row because of the investors greed for dangerous assets continued on the back of lawmakers assure to keep operating on another COVID-19 financial-aid package. The United States president Donald Trump said that he could release executive orders on some relief measures. Moreover, the positive report of the US unemployment benefit claims statistics also helped to increase the stock market risk sentiments.

Investors remain confident that lawmakers can issue a deal on a new round of coronavirus relief for those people who are out of work, while both Senate Majority Leader Mitch McConnell as well as House Speaker Nancy Pelosi stated that they remained confident in a deal. Democrats and Republicans continued their discussions on Thursday. 

Reportedly, the Republicans have provided to gain unemployment advantages to around $400 per week from their last proposal of $200 per week but Democrats want to maintain benefits at $600 per week. They are also pushing for huge state and local aid schemes while, Republicans are planning to keep the size of the stimulus package around $1 trillion. The stock market also gathered an increment after the number of American filling for unemployment advantages for the week closed on 1st of August, that dropped to a 3rd-week slowdown of 1.186 million.