Stock markets bounced back on Monday, October 5, as reports suggested United States President Donald Trump's health had improved after being diagnosed with COVID-19, with traders also cheered by signs that lawmakers in Congress were edging towards agreeing on a new stimulus package., creating more uncertainty one month prior to the November 3 presidential election.
The dollar traded mixed but the Dow finished the day 1.7% higher, mirroring gains seen in major European indices. Over the weekend, Trump waded into the tortuous negotiations over more stimulus for the US economy, tweeting at lawmakers to reach a deal:"OUR GREAT USA WANTS AND NEEDS A STIMULUS WORK TOGETHER AND GET IT DONE! Thank You!"
If there is no preelection stimulus agreement, ThinkMarkets analyst Fawad Razaqzada suggested that a win by Trump's Democratic challenger Joe Biden might mean"the Democrats could then pass their original $3.4-trillion stimulus in January."
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