Dow rises 329 points, but major indexes record losses for September

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Sept. 30 (UPI) -- U.S. markets rose on Wednesday amid rising hopes for another round of COVID-19 economic stimulus but still ended the month of September with losses.

The Dow Jones Industrial Average closed the day up 329.04 points, or 1.2%, after rising 573 points at its session high earlier in the day. The S&P 500, meanwhile, rose 0.82% and the Nasdaq Composite gained 0.74%.

All three major averages recorded their first monthly declines since March as the Nasdaq Composite dropped, the S&P 500 fell 3.9% and the Dow slid 2.3%.

Stocks that are dependent on economic recovery improved Wednesday as Norwegian Cruise Line stock gained 3.32%, Goldman Sachs increased 2.12%, Citigroup rose 1.63% and Boeing climbed 1.01% amid optimism surrounding stimulus negotiations.

However, stocks fell off of their highs after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a new deal.

Markets also responded positively to ADP's monthly private-sector jobs report, which showed growth of 749,000 in September, a Dow Jones economist survey predicting an increase of 600,000.

The Commerce Department, in its third and final estimate, said that U.S. gross domestic product for the second quarter declined by 31.4%, slightly better than its previous estimate last month, which said the economy declined 31.7%.

Tuesday's first presidential debate loomed over Wednesday's trading as former Goldman Sachs CEO Llyod Blankfein tweeted that the market didn't appear "too upset" about the prospect of Democratic nominee Joe Biden defeating President Donald Trump, despite the latter's "more friendly" policies.

"Perhaps folks think their stocks and 401(k)s will do better with higher taxes and increased regulation than with nastiness and scorched earth," he wrote.

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