U.S Equity Futures reversed earlier declines after it was announced that Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to have reached a potential stimulus agreement. The S&P rallied over 75 Handles off yesterday’s intra-morning low following the chaotic Presidential Debate on Tuesday night. The Senate passed a short-term spending bill to keep the government funded through mid-December, sending it to the House for approval, and avoid a shutdown. The Dow led the rally closing higher by 1.2%%. The ADP data showed that employers added more jobs than expected in September, marking the fifth straight month of increases in hiring. ADP’s data is another sign that the job market is recovering. Employers continue to add jobs back after steep declines in employment in both March and April. Markets turned higher after the ADP release and never looked back. Senate Majority Leader Mitch McConnell noted that both sides are still far apart on a deal. In vaccine news, Moderna’s (MRNA) chief executive said that the company’s Coronavirus vaccine will not be ready before the presidential election in November. But he said the company could seek emergency use authorisation later that month. The German Government said European Union economic stimulus was in danger of being delayed because of a disagreement over “democratic values” among member states. European Central Bank President Christine Lagarde said it is considering allowing inflation to overshoot its target to make up for a sustained undershoot. German Chancellor Angela Merkel warned lawmakers they cannot let Coronavirus restrictions undo all the economic progress made since the social-distancing lockdowns earlier this year. Britain’s House of Commons approved legislation allowing the government to break its Brexit treaty with the European Union. Elsewhere, Oil bounced back closing higher by 1.68%.
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