Dow surges 466 points with Trump set to leave the hospital

  • Stocks climbed after President Donald Trump tweeted that he will leave Walter Reed hospital on Monday evening after being admitted on Friday for COVID-19.
  • The potential for another round of fiscal stimulus also helped stocks on Monday, after House Speaker Nancy Pelosi continued negotiations with Treasury Secretary Steve Mnuchin.
  • Another relief bill would include aid to the airline industry and another round of direct payments to Americans, Pelosi and Treasury Secretary Steven Mnuchin have said.
  • Watch major indexes update live here.

US stocks climbed on Monday after President Donald Trump tweeted that he will leave Walter Reed National Military Medical Center after being admitted on Friday for COVID-19.

Trump tweeted Monday afternoon, “I will be leaving the great Walter Reed Medical Center today at 6:30 P.M. Feeling really good! Don’t be afraid of Covid. Don’t let it dominate your life. We have developed, under the Trump Administration, some really great drugs & knowledge. I feel better than I did 20 years ago!” 

Also helping stocks were comments from House Speaker Nancy Pelosi, who said on Sunday evening that negotiators were “making progress” on an additional round of fiscal stimulus.

Pelosi and Treasury Secretary Steven Mnuchin have said that another deal would include aid to the airline industry and direct payments to Americans.

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

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Analysts sized up the potential of a Joe Biden win on Monday, with JPMorgan and Goldman Sachs both saying that a Joe Biden win would be a positive for the stock market and the economy. 

Shares of Regeneron surged 10% on Monday after reports over the weekend said Trump received an experimental COVID-19 antibody treatment from the company.

The SPAC trend continues: A former Uber executive is leading a special-purpose acquisition company that counts the former Google CEO Eric Schmidt as one of its special advisers.

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A Tesla bear from JPMorgan upped his price target but remained “underweight” on the company after it reported better third quarter deliveries than anticipated.

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

Gold rose as much as 1%, to $1,918.81 per ounce.

Oil traded higher. West Texas Intermediate crude rose as much as 7.2%, to $39.72 per barrel. Brent crude, oil’s international benchmark, jumped 6.4%, to $41.78 per barrel, at intraday highs.

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