U.S. stocks climbed on Monday after President Donald Trump said he will be discharged from the hospital Monday evening, easing concerns about more political uncertainty ahead of Election Day.
The Dow Jones Industrial Average moved skyward 465.83 points, or 1.7%, to finish Monday at 28,148.64.
The S&P 500 advanced 60.18 points, or 1.8%, to 3,408.62.
The NASDAQ leaped 257.47 points, or 2.3%, to 11,332.49.
Stocks jumped to their session highs after Trump said in an afternoon tweet that he will be leaving Walter Reed National Military Medical Center at 6:30 p.m. ET, just three days after he entered the hospital to be treated for coronavirus.
Trump’s physician Dr. Sean Conley said Monday the president’s condition has “continued to improve” over the past 24 hours, but cautioned that “he may not entirely be out of the woods yet.”
Conley added the president will receive his fifth and final dose of antiviral drug remdesivir at the White House Tuesday night.
Optimism for reaching a compromise rose over the weekend after House Speaker Nancy Pelosi signaled progress on Friday, saying “we continue to work on the text to move quickly to facilitate an agreement.”
Pelosi on Friday called on the airline industry to delay furloughs, saying additional relief for the industry is “imminent.”
After Trump’s diagnosis, former Vice President Joe Biden opened his widest lead in a month in the presidential race with 51% of those polled backing him and 41% saying they would vote for Trump, according to a Reuters/Ipsos poll released on Sunday from over the weekend.
Prices for the 10-Year Treasury plunged, boosting yields to 0.77% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.31 to $39.36 U.S. a barrel.
Gold prices climbed 10 dollars to $1,917.60 U.S. an ounce.