By Chris Ciaccia FOXBusiness
Trump is responding well to treatment, his doctors said.
Stocks rebounded on Monday, as President Donald Trump appeared to respond positively to the treatments his doctors are giving him for COVID-19. Investors are also eager for more developments on stimulus talks.
All three of the major averages rose at the opening bell, shaking off losses from Friday, with the Dow Jones Industrial Average tacking on over 250 points and the S&P 500 and Nasdaq Composite adding about 1 percent.
|I:DJI||DOW JONES AVERAGES||28053.56||+370.75||+1.34%|
|I:COMP||NASDAQ COMPOSITE INDEX||11257.101265||+182.08||+1.64%|
Trump’s medical team, which is using a number of different drugs, including Gilead Science Inc.’s Remdesivir, a cocktail from Regeneron Pharmaceuticals Inc. and the steroid dexamethasone, said he could be released from the hospital as soon as today.
|GILD||GILEAD SCIENCES INC.||63.77||+1.60||+2.57%|
|REGN||REGENERON PHARMACEUTICALS INC.||597.82||+33.02||+5.85%|
TRUMP’S POSITIVE COVID-19 TEST GIVES STOCKS WILD RIDE
Trump, 74, began tweeting Monday morning, highlighting the stock market.
This followed several videos released over the weekend. Trump also took a short ride from Walter Reed Medical Center in an SUV to thank his supporters, on Sunday afternoon, and tweeted “next year will be the best ever.”
Investors may also be positive on an additional round of economic stimulus after Politico reported that Speaker of the House Nancy Pelosi and Secretary of the Treasury Steven Mnuchin met with Federal Reserve Chairman Jerome Powell to discuss additional plans for further government spending.
On Saturday, Trump tweeted that lawmakers should “work together” to pass an additional stimulus package.
European markets were responding positively as well, with the European STOXX 600 up 0.7%, while the German DAX, French CAC 40 and U.K.’s FTSE 100 all rose approximately 0.6%.
At 10 a.m., the ISM Non-Manufacturing Index for September will be released. Economists are looking for a reading of 55.6. A level above 50 is considered to reflect expansion.
|BMY||BRISTOL-MYERS SQUIBB CO.||58.90||+0.20||+0.35%|
Bristol-Meyers Squibb Co. announced its intention to acquire MyoKardia for $13.1 billion, or $225 a share, in cash, a 62% premium to its Friday closing price.
DraftKings Inc. shares were under pressure after the online casino operator announced a plan to sell 32 million shares to shore up its balance sheet and raise money. Sixteen-million shares will be sold by the company itself and the other 16 million shares will be sold by other shareholders.
Oil futures were rebounding on Monday as well, up more than 4% to $38.55. Gold ticked down slightly to $1,903.80 an ounce, a loss of 0.2%.
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