(Bloomberg) — Technology shares led U.S. stocks higher for a third day while traders continued to bet that lawmakers are moving closer to providing more fiscal stimulus. Treasury yields were mostly flat and a dollar gauge slipped.
The S&P 500 traded near the highs of the day with the White House planning to offer a $1.8 trillion stimulus proposal. Senate Majority Leader Mitch McConnell warned earlier that it unlikely an agreement would be reached before the election. The tech-heavy Nasdaq 100 jumped more than 1% with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.
“We’ve had this whipsaw around wondering if there will be more fiscal stimulus, which I think we desperately need to keep the economy rolling,” said Ron Temple, head of U.S. equity at Lazard Asset Management LLC.
European stocks gained