Dow climbs 260 points amid optimism that Trump will soon be discharged from the hospital

trump walter reed
  • Stocks climbed on Monday on optimism that President Trump would leave Walter Reed Hospital later today after being admitted on Friday for COVID-19.
  • The potential for another round of fiscal stimulus is also helping stocks on Monday, after House Speaker Nancy Pelosi said “we’re making progress” Sunday evening.
  • Another round of fiscal stimulus would at the bare minimum include aid to the airline industry and another round of direct payments to Americans, according to previous comments from both Pelosi and Treasury Secretary Steve Mnuchin.
  • Watch major indexes update live here.

US stocks climbed on Monday on optimism that President Trump might leave Walter Reed Hospital after being admitted on Friday for COVID-19.

White House Chief of Staff Mark Meadows said Trump and his doctors will discuss his potential discharge from the hospital later today.

Also helping stocks is comments from House Speaker Nancy Pelosi, who said Sunday evening “we’re making progress” on an additional round of fiscal stimulus. 

According to previous comments from Pelosi and Treasury Secretary Steve Mnuchin, another fiscal stimulus deal would include aid to the airline industry and direct payments to Americans.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

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Meanwhile, shares of Regeneron were up roughly 5% on Monday after it was revealed late Friday that President Trump received an experimental antibody treatment from the company to help combat COVID-19. 

The SPAC craze continues as a former Uber executive is leading a SPAC that counts former Google CEO Eric Schmidt as one of its special advisors.

It’s merger Monday in the biotech space today, with Bristol-Myers Squibb agreeing to acquire MyoKardia for $13.1 billion in cash, in a deal that will bolster Bristol-Myers’ cardiovascular pipeline.

Gold rose as much as 0.6%, to $1,910.57 per ounce.

Oil prices traded higher. West Texas Intermediate crude rose as much as 5.2%, to $38.99 per barrel. Brent crude, oil’s international benchmark, jumped 4.7%, to $41.11 per barrel, at intraday highs.

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