US sharemarkets rose overnight, recovering from the softer tone of a day earlier, as hopes for US fiscal stimulus increased after a bipartisan group of US lawmakers proposed a US$908 billion Covid-19 relief bill.
But gains were pared after US Senate Majority Leader Mitch McConnell warned that time is running out on a stimulus deal before year-end. The Dow Jones index closed 185 points or 0.6% higher. The S&P 500 index was up by 1.1% and the Nasdaq index rose by 156 points or 1.3% – both closing at record highs.
