Traders gather at the post that trades Pfizer's stock on the floor of the New York Stock Exchange October 29, 2015.   REUTERS/Brendan McDermid

Global stocks rose on Monday as investors held onto hopes for a prompt deal on a new round of US fiscal stimulus, boosted by the White House’s change in position over the weekend.US stock futures rose as much as 1%, even after House Speaker Nancy Pelosi rejected the Trump administration’s latest proposal on Sunday.In Asia, China stocks rose to a two-year peak, driven by a new central bank policy that makes it easier to sell the yuan.The FTSE 100 edged slightly lower ahead of Prime Minister Boris Johnson’s expected announcements on stricter COVID-19 restrictions across the country.Visit Business Insider’s homepage for more stories.

Global stocks rose on Monday as investors largely pinned hopes on a new US fiscal stimulus deal to get across the line. 

US stock futures rose as much as 1% even after House Speaker Nancy Pelosi rejected the Trump administration’s latest proposal, or a stripped-down version of the coronavirus relief bill, calling it “grossly inadequate” over the weekend. The dollar index, meanwhile, fell 0.5%.

President Donald Trump’s team proposed a $1.8 trillion stimulus package, which includes a $400 boost in weekly unemployment insurance, $1,200 stimulus checks for US adults, and $1,000 checks for every child. 

Read more: GOLDMAN SACHS: Buy these 15 stocks set to deliver the strongest possible profit growth and subsequent returns through year-end

The MSCI World Index rose 0.7% as global markets rotate into a risk-seeking position and investor hopes persist that a fiscal stimulus package is on the horizon. But House Democrats appear to be sticking to their original $2.2 trillion plan

“Even if the White House capitulates, getting that number through the Senate will be challenging,” said Jeffrey Halley, a senior market analyst at OANDA. “With markets now totally ignoring the possibility of a fiscal stimulus package not happening and piling into the ‘buy everything’ trade, the correction if negotiations fall apart could be something to behold.”

Nonetheless, the more positive mood carried over to the European region, where the Euro Stoxx 50 index of eurozone blue-chip shares rose 0.3% and Germany’s DAX rose 0.2%.

London’s FTSE 100 fell 0.2%, ahead of a slew of new  COVID-19 restrictions across the country from Conservative Prime Minister Boris Johnson following an explosion in new cases. Britain already has the highest death rate in Europe.

In Asia, China’s benchmark index jumped to a two-year peak, after the People’s Bank of China unveiled a new policy that makes it easier to short the yuan, which was down almost 1% against the dollar.

The central bank no longer requires lenders to hold reserves when buying foreign currency forward contracts. The yuan’s appreciation is likely to resume after these measures run their course, OANDA’S Halley said.

China’s Shanghai Composite index rose 2.6%, and Hong Kong’s Hang Seng rose 2.2%, while a stronger yen knocked 0.3% off Japan’s Nikkei.

Gold rose 0.2% to $1,929 an ounce, lifted by a weaker dollar. Gold’s firmness points to “positive technical developments that should signal further gains in the week ahead,” Halley said.

Read more: SPACs have generated a $39 billion frenzy in the US this year. The executive behind their first ETF explains how retail investors can use them to level the playing field with Wall Street titans like Warren Buffett.

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US stocks closed lower on Thursday as investors continued to digest the Fed’s uncertain economic outlook and weekly jobless claims that still exceed the highs of the Great Recession.Federal Reserve Chair Jerome Powell’s comments on Wednesday expressed uncertainty in the economic recovery and mentioned that the Fed didn’t expect to raise interest rates until at least 2023.Additionally, weekly jobless claims fell by more than 30,000 from the previous week, to 860,000, though that was higher than the consensus estimate of 850,000. The current weekly jobless claim figures are still well above the 6650,000 peak reached during the Great Recession in 2009.Oil prices traded higher after reports that Saudia Arabia stressed OPEC+ compliance to its members. West Texas Intermediate crude jumped as much as 2.6%, to $41.22 per barrel.Watch major indexes update live here.

US stocks fell on Thursday as investors continued to digest comments from Federal Reserve Chair Jerome Powell and weekly jobless-claims data.

Federal Reserve Chairman Jerome Powell’s comments on Wednesday expressed uncertainty in the economic recovery and mentioned that the Fed didn’t expect to raise interest rates until at least 2023.

In a signal that the economic recovery from the COVID-19 pandemic is muddling along, weekly jobless claims fell by more than 30,000 from the previous week, to 860,000, slightly higher than the consensus estimate of 850,000.

The current weekly jobless claim figures are still well above the 6650,000 peak reached during the Great Recession in 2009.

Tech stocks led the decline even after the cloud-tech platform Snowflake staged the biggest initial public offering of the year on Wednesday. Its stock more than doubled in its first day of trading.

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

S&P 500: 3,357.01, down 0.8%Dow Jones industrial average: 27,901.98, down 0.5% (130 points)Nasdaq composite: 10,910.28, down 1.3%

Read more: A Wall Street firm says investors should buy these 15 cheap, high-earning stocks now to beat the market in 2021 as more expensive companies fall behind

Going forward, investors will likely turn their attention to additional stimulus measures from Congress. While Republicans and Democrats haven’t landed on the same page on a “skinny” deal, key negotiators have seemed increasingly optimistic about a deal, and pressure is mounting to get a deal done before the November election.

President Donald Trump on Wednesday said Republicans should warm up to the idea of sending bigger direct payments to Americans.

Meanwhile, technical traders likely have their eye on the 50-day moving average, as multiple US stock market indexes converge on the important support level.

Read more: Legendary options trader Tony Saliba famously put together 70 straight months of profits greater than $100,000. Here’s an inside look at the strategy that propelled him to millionaire status before age 25.

Elsewhere, Yelp said in a report that 60% of the 163,735 businesses that had closed in the US as of August 31 because of the pandemic wouldn’t reopen, suggesting that small businesses have fared worse than big ones. The total business closures represented a 23% jump since mid-July, Yelp said.

The SPAC craze continued as Richard Branson announced plans to launch a $400 million special-purpose acquisition company. Branson has experience with SPACs: His Virgin Galactic went public via merging with a SPAC led by the billionaire investor Chamath Palihapitiya.

Spot gold fell as much as 1.3%, to $1,932.95 per ounce. The US dollar extended its decline while Treasury yields were mostly flat.

Crude-oil futures rose markedly after Saudia Arabia stressed to OPEC+ members to stick to their production quotas and to not overproduce,according to Bloomberg. West Texas Intermediate crude jumped as much as 2.6%, to $41.22 per barrel. Brent crude, oil’s international standard, rose 3%, to $43.50 per barrel, at intraday highs.

Read more: 3 top investing executives lay out the biggest risks to markets heading into a volatile election season — and share their best recommendations for navigating what happens next

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nyse trader maskReuters / Lucas Jackson

US stocks edged higher on Tuesday as investors looked for signs of progress on government stimulus and US-China trade talks.
The S&P 500 hit a record high in intraday trading before paring gains. 
Housing starts jumped by 22.6% in July, more than economists expected, showing continued strength in the housing-market recovery.
Democrats and Republicans remain deadlocked in negotiations on the next stimulus bill, while the Trump administration on Monday imposed new restrictions on Huawei.
Read more on Business Insider.

US stocks edged higher on Tuesday as  positive housing data outweighed stalled negotiations for further government stimulus. 

The S&P 500 hit an intraday record Tuesday morning, climbing to a fresh high of 3,393.52 before paring gains. It’s the first time the index has reached a record since the coronavirus pandemic roiled global markets in March. See the rest of the story at Business Insider

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See Also:

MORGAN STANLEY: Buy these 9 top-rated stocks right now for market-beating returns of 15%-plus over the next 3 monthsA White House report claims that roughly 81% of coronavirus job losses are likely temporaryUS weekly jobless claims fall below 1 million for the first time since March

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