Economy

Hope for aid package propels Wall Street | Financial

At around 7:50 PM, the Dow Jones index was 0.6% higher. Nasdaq tech exchange rose 1.2%. The broad-based S&P 500 index climbed 0.8%.

Top economic adviser Larry Kudlow stated that it concerns a relatively broad package of crisis measures, but he did not want to give details. Secretary of the Treasury Steven Mnuchin and Nancy Pelosi, Democratic Speaker of the House of Representatives, are also back to discuss the issue, according to Kudlow. Sources say the bailout package is worth $ 1,800 billion. The question now is whether this plan will be approved by Congress. Trump stated on Twitter that the negotiations are progressing.

The companies have chip company Xilinx (+ 13.9%) in the spotlight. Industry colleague Advanced Micro Devices (-4.1%) is reportedly in advanced talks regarding the acquisition of the company for well over $ 30 billion.

Another chip company, Eindhoven NXP (+ 3.8%), reported to have benefited from better conditions in the automotive industry. Previously, the Nasdaq-listed company still felt the malaise in the auto industry in its results. The results in a preliminary trading update were therefore better than previously expected.

Pharmaceutical Gilead (+ 1.1%) came up with the definitive study results for its virus inhibitor remdesivir, which is used against Covid-19. Clinical tests would show that patients given the drug recovered an average of five days faster than those given placebo.

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