December 15th, 2015

Dow climbs 153 points after Nancy Pelosi suggests stimulus deal is close

House Speaker Nancy PelosiNicholas Kamm/AFP via Getty Images

Summary List Placement
  • US stocks clawed back from early losses on Thursday to finish the day higher, driven by positive comments from House Speaker Nancy Pelosi on the potential for a fiscal stimulus deal.
  • Pelosi told reporters that negotiations for another round of fiscal stimulus were "just about there" and that "the president wants a bill, that's part of the opportunity that we have."
  • New US weekly jobless claims totaled 787,000 last week, coming in below the median economist estimate of 870,000 compiled by Bloomberg. It also reflected a marked decrease from the prior week's revised total.
  • Watch major indexes update live here.

US stocks reversed an early decline and finished higher on Thursday as negotiations for another round of fiscal stimulus showed progress.

House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin continued their talks, and Pelosi told reporters that they were "just about there" and that "the president wants a bill, that's part of the opportunity that we have." 

But obstacles for another round of stimulus prior to the November election remain, as Senate Republicans have shown little appetite to pass anything but a skinny stimulus deal focused on extending the PPP loan program for small businesses.

Here's where US indexes stood at the 4 p.m. ET market close on Thursday:

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On the data front, new US weekly jobless claims totaled 787,000 last week, coming in below the median economist estimate of 870,000 compiled by Bloomberg. The encouraging reading also reflected a marked decrease from the prior week's revised total.

Elsewhere, existing home sales in the US spiked to the fastest rate since 2006 as the housing-market boom accelerates further, in part buoyed by an exodus of US cities in favor of the suburbs and record low mortgage rates.

In corporate news, Tesla posted record profits for the third quarter, beating analyst estimates. The firm committed to its 2020 target of delivering 500,000 cars despite interruptions caused by the COVID-19 pandemic. Shares moved higher on the solid earnings beat. Here's what six Wall Street analysts had to say about Tesla's third quarter earnings report. 

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Align Technology surged more than 25% on Thursday after it reported strong third quarter earnings in part helped by social media influencers on TikTok. 

Gold fell as much as 1.5%, to $1,894.72 per ounce.

Oil traded higher. West Texas Intermediate crude jumped as much as 2.5%, to $41.02 per barrel. Brent crude, oil's international benchmark, rose 2.5%, to $42.79 per barrel, at intraday highs.

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