US STOCKS-Wall Street finishes up as stimulus talks continue

  • Reuters
  • Stock Market News
US STOCKS-Wall Street finishes up as stimulus talks continue
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* Mnuchin floats new stimulus proposal

* Xilinx surges on report of buyout offer by AMD

(Updates to close)

By Caroline Valetkevitch

Oct 9 (Reuters) - U.S. stocks ended higher on Friday and registered gains for the week as optimism over more federal fiscal aid grew.

Talks were expected to continue on a COVID-19 stimulus package, even though U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed on Friday to reach agreement.

Mnuchin floated a new proposal Friday afternoon, but an aide for Pelosi said it lacked a broad plan to contain the pandemic. trading on Wall Street has been dictated by headlines on fiscal aid, with the three main indexes tumbling on Tuesday after U.S. President Donald Trump called off negotiations. He has since indicated he was willing to resume discussions.

"The market's reacting well to Trump's sudden turnaround in terms of a support package and this new package that he proposed that's much larger than previously," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York.

"It probably shows some desperation on his part. A lot of this has been politics, but a lot of people believe the economy really needs some economic support here, so that's a good thing."

Technology shares .SPLRCT rose, and the sector gave the S&P 500 its biggest boost.

Unofficially, the Dow Jones Industrial Average .DJI rose 161.59 points, or 0.57%, to 28,587.1, the S&P 500 .SPX gained 30.29 points, or 0.88%, to 3,477.12 and the Nasdaq Composite .IXIC added 158.96 points, or 1.39%, to 11,579.94.

Energy stocks .SPNY fell following recent gains.

Strategists say investors have also begun to digest the possibility of Democratic candidate Joe Biden winning the Nov. 3 presidential election after a fractious debate last month led to a jump in his lead over Trump in several national polls. Inc XLNX.O surged after a report said Advanced Micro Devices Inc AMD.O was in talks to buy the chipmaker in a deal valued at more than $30 billion. Electric Co GE.N jumped as a report said Goldman Sachs (NYSE: GS ) reinstated coverage on the U.S. industrial conglomerate with a "buy" rating, saying the company will emerge stronger from the COVID-19 pandemic.

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