Wall Street surges on rekindled stimulus optimism

NEW YORK (Reuters) – U.S. stocks jumped on Wednesday as fresh hopes for a new pandemic relief package and upbeat economic data set the major indexes on course to end the quarter on a high note.

FILE PHOTO: A worker cleans the floor of the New York Stock Exchange (NYSE) , U.S., March 20, 2020. REUTERS/Lucas Jackson/File Photo

All three major indexes moved sharply higher after U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough in partisan stimulus negotiations.

“The real thing that’s pushing the markets higher today is hopes for additional stimulus,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York. “But you combine that with good economic news and throw in quarter-end window dressing, you end up with a market that’s up as opposed to where futures were headed last night after the debate.”

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