Stocks on the rise after President Trump tweets support for a focused stimulus plan

Posted on October 7, 2020
Kevin Kingston, a wealth advisor with Savant Wealth management. (Photo courtesy: Kevin Kingston)

By Blake Haas

BLOOMINGTON – Wall Street stocks are on the rise after President Trump announced he would like to provide aid to airlines along with individual stimulus checks to Americans in the hope that lawmakers could pass a smaller aid stimulus package.

With just 26 days left until the election, Kevin Kingston  a wealth advisor with Savant Wealth Management told WJBC’s Marc Strauss that there is already $25 billion allocated for airlines and payroll support.

“Wall Street likes (President) Trump. Stimulus measures, he’d like to see some very specific relief measures. There’s already $25 billion allocated for airlines (and) payroll support. There’s another $135 billion unused in the paycheck protection program (PPP) for small businesses. Those funds came from the CARES Act, and he also proposed another $1,200 stimulus checks for many Americans.”

On Tuesday, President Trump announced that he was instructing his negotiation representatives to stop negotiating until after the election via Twitter.

“His comment yesterday, he was backing away from negotiations – what he came out with was this very targeted support. I think the Senate and (Sen. Majority Leader) Mitch McConnell believes that it was not enough to support the very broad House bill they were working to negotiate. The market likes this very focused stimulus, as opposed to another potentially $2 trillion (bill).”

As of Wednesday afternoon, The Dow Jones Industrial Average was trading 456 points higher.

Blake Haas can be reached at [email protected].

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