Wall Street Jumps on Stimulus Hopes, Hints of Trump’s Return To White House

Wall Street’s main indexes jumped on Monday, recovering from a sharp fall in the previous session as hints President 👤Donald Trump could return to the White House and hopes of a new fiscal stimulus bill lifted sentiment.

Although Trump’s medical condition remained unclear as he began a fourth day at the military hospital where he is being treated for COVID-19, his doctors have said he could be discharged as soon as Monday.

Ten of the 11 major S&P indexes were up, with energy <.SPNY>, the worst performing sector this year, rising 1.3%. Materials <.SPLRCM> and financials <.SPSY> were also among the biggest gainers in early trading.

Shares of Regeneron Pharmaceuticals Inc <REGN.O> jumped 6.0% after Trump’s physician said he had been treated with an intravenous dose of Regeneron’s dual antibody treatment.

“One of his treatments was an experimental drug from Regeneron (and) that’s showing that this could be a major component to treatments moving forward for people,” said Thomas Hayes, chairman at Great Hill Capital LLC in New York.

Wall Street’s main indexes sold off sharply on Friday after Trump’s announcement that he had contracted the disease added to political uncertainty just a month away from voting in the presidential election.

White House Chief of Staff Mark Meadows said on Monday there was still potential to reach agreement with U.S. lawmakers on more coronavirus relief and that Trump was committed to getting the deal done.

“This is not yet priced into markets (and) if new convincing fiscal measures are announced this week, expect to see a further rally in risk assets,” said Hussein Sayed, market strategist at FXTM.

At 10:07 a.m. ET, the Dow Jones Industrial Average <.DJI> was up 0.92%, the S&P 500 <.SPX> was up 1.01%, and the Nasdaq Composite <.IXIC> was up 1.38%.