Stocks finished higher after President Donald Trump said he’d be leaving the hospital Monday, and on optimism over a coronavirus-relief package.
The Dow Jones Industrial Average finished up 465 points, or 1.68%, to 28,148, the S&P 500 climbed 1.8% and the Nasdaq rose 2.32%.
Leading the Dow higher were Amgen (AMGN) – Get Report and Travelers (TRV) – Get Report.
The president spent the weekend at Walter Reed Medical Center, recovering from Covid-19.
While Trump’s medical team was positive about his prognosis, some observers questioned the official details of Trump’s health. Trump’s blood oxygen level had dropped twice in recent days, and doctors had given him a steroid to treat his symptoms.
But in a tweet Monday, the president said he was “feeling really good” and would be leaving the hospital at 6:30 p.m. ET.
Trump tweeted from the hospital over the weekend that “OUR GREAT USA WANTS & NEEDS STIMULUS.”
“WORK TOGETHER AND GET IT DONE. Thank you!” he added.
Renewed hopes for stimulus talks between House Democrats and the White House also were giving stocks a boost.
House Speaker Nancy Pelosi said Friday that Trump’s diagnosis “kind of changes the dynamic” of the stimulus discussions.
Asked Sunday whether the tweet from Trump meant a coronavirus relief package was near, Pelosi responded, “No, it means that we want to see that they can agree on what we need to do to crush the virus.”
“We are encouraging clients to remain invested as additional fiscal stimulus should provide continued support for equity markets,” said Frank Panayotou, managing director at UBS Private Wealth Management.
“Even with the major stock indices close to all-time highs again, we remain constructive on equity markets given the extraordinarily supportive global monetary and fiscal policy.”
Stocks ended lower Friday after Trump said he tested positive for the coronavirus and the U.S. added fewer jobs in September than forecast. But the stock market finished the week higher: The Dow rose by 1.9%, and the S&P 500 and the Nasdaq each gained 1.5%.
Bristol-Myers Squibb (BMY) – Get Report agreed to buy drugmaker MyoKardia (MYOK) – Get Report, which makes the experimental heart treatment mavacamten, for around $13.1 billion.
Bristol-Myers will pay $225 a share, for the Brisbane, Calif.-based MyoKardia, a 62% premium to its closing price Friday of $139.60. Bristol-Myers said the deal would begin adding to its overall bottom line in 2023. It plans to finance the acquisition with a combination of cash and debt.
MyoKardia shares finished 58% higher at $220.34.
Regeneron Pharmaceuticals (REGN) – Get Report finished up 7.1% to $605.08 Monday amid speculation the drugmaker could soon receive emergency use authorization from the Food and Drug Administration after its coronavirus treatment was given to President Trump.