Stocks continue gains as COVID-19 relief remains in question

Stocks continue gains as COVID-19 relief remains in question
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Stock markets secured gains for the third day counting as the status of another fiscal relief package remained up in the air in Washington.

The Dow Jones Industrial Average closed up 132 points, or 0.5 percent, and the S&P 500 was up 30 points, or 0.9 percent.

Markets shuddered on Tuesday when President TrumpDonald John TrumpBiden says GOP senators have called to congratulate him Biden: Trump attending inauguration is 'of consequence' to the country Biden says family will avoid business conflicts MORE abruptly tweeted that he was pulling the plug on negotiations between Treasury Secretary Steven MnuchinSteven Terner MnuchinThe Hill's Morning Report - Presented by Mastercard - Dem leaders back smaller COVID-19 relief bill as pandemic escalates Sweeping financial crimes bill to hitch a ride on defense measure On The Money: Funding bill hits snag as shutdown deadline looms | Pelosi, Schumer endorse 8 billion plan as basis for stimulus talks | Poll: Most Americans support raising taxes on those making at least 0K MORE and House Speaker Nancy PelosiNancy PelosiBiden backs 0B compromise coronavirus stimulus bill US records over 14 million coronavirus cases On The Money: COVID-19 relief picks up steam as McConnell, Pelosi hold talks | Slowing job growth raises fears of double-dip recession | Biden officially announces Brian Deese as top economic adviser MORE (D-Calif.) over a $1 trillion-$2 trillion COVID-19 relief bill.


Trump has since backtracked, first calling for passing a series of separate bills, an approach Pelosi has rejected since summer, then saying he wants to go big.

For her part, Pelosi pulled back on her own call to pass airline aid separately, saying on Thursday that such a bill could only pass in the context of a larger deal.

Mnuchin and Pelosi have continued talks, but the outcome remains uncertain just 25 days before Election Day. On Friday, the administration upped its offer to $1.8 trillion, but a Pelosi spokesman said she was still waiting on additional legislative details on fighting COVID-19.

Updated at 4:14 p.m.