Approaching record highs, markets seem to be banking on Democrats and Republicans coming to a deal on economic relief.
Wall Street nudged a bit higher Monday, and the Standard & Poor’s 500 teased even closer to its record high.
“It seems like a nothing day until you realize we’re sitting right on an all-time high for the S&P 500,” said Mark Hackett, chief of investment research at Nationwide. “Hence, another round of stimulus is the difference between ensuring that the economic recovery continues uninterrupted and a meaningful short-term pullback in growth,” Morgan Stanley strategist Michael Zezas wrote in a report.Investors seem willing to wait for a deal, for now. But if it gets deep into September, and Democrats and Republicans still remain far apart in their negotiations on the size of the deal, Zezas said it may be too close to the election to get one done.
But losses for financial and energy stocks helped restrain the market’s gains. These areas tend to rise and fall with expectations for the economy, and they had been showing a bit more life in recent weeks in an encouraging sign for market watchers.Smaller stocks and transportation stocks have also been making gains recently, said Nationwide’s Hackett, who called it “good news for the sustainability of the rally.
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