US: Stocks end up on hopes for more federal stimulus, Dow +2.1%

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[NEW YORK] Wall Street stocks were back in rally mode on Tuesday, shrugging off mixed results from large banks and gaining ground on hopes for more stimulus spending from Washington. Read more at The Business Times.

Banking giants JPMorgan Chase, Citigroup and Wells Fargo together reported some US$28 billion in credit costs for current and future bad loans due to the hit from Covid-19 closures.

Tuesday's gains were led by growth-linked equities, such as oil companies including Exxon Mobil, which gained 3.3 per cent, and industrial giant Caterpillar, which rose 4.9 per cent.

 

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