US STOCKS-Wall St rises on stimulus prospects as jobless claims remain high
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* Trump says fiscal stimulus talks are ongoing
* Weekly unemployment claims are only a few centimeters lower, but remain higher
* IBM is using the Infrastructure Services Unit spin-off plan
* Indices rise: Dow 0.40%, S&P 0.55%, Nasdaq 0.49% (updates open)
By Sagarika Jaisinghani and Devik Jain
Oct 8 (Reuters) - Wall Street major indexes rose Thursday as U.S. President Donald Trump signaled progress in negotiating new fiscal stimulus while data showed unemployment claims remained stubbornly high last week.
Two days after cutting off talks on a comprehensive tax aid bill, Trump said there was some discussion going on with Democrats about increasing support for U.S. airlines and providing US $ 1,200 with stimulus checks to Americans.
The Dow Jones Airlines Index rose 1.3%, with Delta Air Lines Inc., United Airlines Holdings Inc., JetBlue Airways Corp. and American Airlines Group Inc. each gained more than 1%.
"The market is really dependent on stimulus (fiscal) and trying to predict what that is likely to be," said Tim Chubb, chief investment officer for Girard in West Chester, Pennsylvania.
All eleven major S&P indices rose, with the energy sector seeing oil prices rise.
Doubts about more tax aid and signs of a slowing domestic economic recovery halted a five-month profit streak on Wall Street in September, but U.S. stocks have rallied since then, in part as investors began to see Democratic presidential candidate Joe Biden win for the November start digesting 3 choice.
Biden appeared to lead Trump among likely Florida voters, and the two were embroiled in a close race in Arizona, according to Reuters / Ipsos polls published Wednesday.
With less than a month left in the election, Trump said Thursday he would not attend a virtual presidential debate shortly after the commission overseeing the debates said the event would be held from remote locations on October 15 after his election would COVID-19 diagnosis.
Meanwhile, data showed that the number of Americans filing new unemployment benefits had declined over the past week, but signaled that the job market was making little progress to help millions of people following unemployment due to COVID-19 disorders bring back to work.
At 9:46 a.m. ET, the Dow Jones Industrial Average rose 0.40%, the S&P 500 rose 0.55% and the Nasdaq Composite rose 0.49%.
In company news, Coty Inc rose 4.8% after the cosmetics maker announced the launch of direct-to-consumer websites for the Kylie Skin brand in the UK, France, Germany and Australia.
Drug makers Regeneron Pharmaceuticals Inc and Eli Lilly & Co rose 1.8% and 2.5%, respectively, after Trump praised their COVID-19 drugs and announced they would be made available to Americans for free.
International Business Machines Corp was up 7.5% after splitting into two public companies.
Eaton Vance Corp was up 46.3% and was well on its way ever after Morgan Stanley agreed to buy the asset management company for approximately $ 7 billion in a cash-and-stock deal. Morgan Stanley's shares fell 1.0%.
Progressive issues outperformed declines of 4.56 to 1 on the NYSE and 2.84 to 1 on the Nasdaq.
The S&P index made 38 new 52-week highs and no new low, while the Nasdaq made 80 new highs and five new lows. (Reporting by Sagarika Jaisinghani and Devik Jain in Bengaluru; editing by Maju Samuel)
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