Wall Street continues to climb on strong tech performance

12:15 pm: Dow gains nearly 250 by midday

At midday, the Dow was up 237 points, 0.8%, to 28,824.5 just after noon ET. The Nasdaq climbed 256 points, 2.2%, to 11,836.2, and the S&P 500 improved 50 points, 1.5%, to 3,528.1.

Tech stocks were leading the way, as Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Facebook (NASDAQ:FB), Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOG) all gained roughly 3% or more.

Traders are watching for any developments regarding a coronavirus stimulus deal and awaiting for earnings season to begin in earnest Tuesday with reports from JPMorgan Chase & Co (NYSE:JPM) and Citigroup Inc (NYSE:C).

House Speaker Nancy Pelosi released a letter to her Democratic colleagues on Sunday calling for aggressive action. 

“This past week, the President demonstrated very clearly that he has not taken the war against the virus seriously, personally or nationally,” Pelosi wrote. ”This attitude is reflected in the grossly inadequate response we finally received from the Administration on Saturday.

“The news is filled with the numbers in terms of dollars.  The heart of the matter is: can we allow the virus to rage on and ignore science as the Administration proposes, or will they accept the scientific strategic plan in the Heroes Act to crush the virus.”

10:15 am: Proactive North America headlines:

Newgioco Group Inc (NASDAQ:NWGI) via subsidiary Multigioco plans to install up to 400 self-service point of sale locations in Italy

FansUnite Entertainment Inc (CSE:FANS) (OTCPINK:FUNFF) bolsters balance sheet with debt sale to Victory Square Technologies

Lexaria Bioscience Corp (OTCMKTS:LXRP) (CSE:LXX) (CNSX:LXX.CN) updates on business relationship with Altria Ventures

PreveCeutical Medical Inc (CSE:PREV) (OTCQB:PRVCF) (FRA:18H) set to submit a revised application for potential coronavirus therapy funding

Metalla Royalty & Streaming Ltd (NYSEAMERICAN:MTA) (CVE:MTA) reports uplift in revenue and operating cash margin in first quarter

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) closes on fifth tranche of C$3M agreement with Terrace Global to help fund its medical cannabis site in Portugal

9.40am: Wall Street starts higher

As expected, the main indices on Wall Street quickly moved into positive territory on Monday morning in New York as optimism over US government stimulus continued to drive sentiment.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.3% at 28,672 while the S&P 500 rose 0.69% to 3,501 and the Nasdaq climbed 1.29% to 11,729.

While the ongoing stimulus negotiations are holding most of the attention on Wall Street, another political battle could be in the work as the US Senate begins its first day of confirmation hearings for Supreme Court Justice nominee Amy Coney Barrett, who has been selected by Donald Trump as the candidate to fill the seat left vacant by the death of Ruth Bader Ginsburg last month.

Back on the market, one of the early risers was tech giant Apple Inc (NASDAQ:AAPL), which climbed 3.4% to US$120.9 ahead of the firm’s expected revelation of its new iPhone tomorrow.

7.37am: Wall Street expected higher on Columbus Day

Hopes of progress on a financial stimulus package for the hard-hit US economy continue to fuel the progress of US equities.

After ending last week on a bright note, the major US indices are expected to start this week with their best foot forward.

The Dow Jones Industrial Average is tipped to open around 53 points firmer to 28,640 and the S&P 500 is slated to start 20 points to the good at 3,497.

Ahead of the unbearable hoop-la that will surround the Apple iPhone launch tomorrow, the tech-heavy NASDAQ is looking set for another strong day, with spread betting sites quoting the index at 11,898, up 318 points on Friday’s close.

“US bond markets are closed for Columbus Day, so some traders will expect to see a less America-centric tone to the day ahead; however, stimulus talks in congress remain one of the key elements driving market sentiment as we move forward. With around three-weeks left until the election, Biden’s lead in the poll could point towards a substantial fiscal package coming into play should the Dems take congress, said Josh Mahony at IG Group.

“However, for now, it is clear that perhaps the most we can hope for is a trimmed-down, targeted package to address those areas where stimulus cannot wait,” he added.

Three things to watch for on Monday:

• Any share price movements from Apple Inc (NASDAQ:AAPL) as the tech giant gets ready to unveil its latest iPhone on Tuesday
• Political developments concerning a second US stimulus package after a US$1.9 trillion proposal from the Trump administration was rejected by Congressional Democrats over the weekend
• Any impact from across the Atlantic as UK prime minister Boris Johnson prepares to unveil a new set of coronavirus restrictions for England

Story by ProactiveInvestors