US open: Stocks open higher amid optimism around stimulus talks, Trump's health

Wall Street stocks opened higher at the bell on Monday as market participants continued to track both stimulus talks and the health of the President.

As of 1535 BST, the Dow Jones Industrial Average was up 0.99% at 27,956.59, while the S&P 500 was 1.09% firmer at 3,384.82 and the Nasdaq Composite came out the gate 1.52% stronger at11,243.28.

The Dow opened 273.78 points higher on Monday, reversing losses recorded on Friday after Donald Trump and the First Lady tested positive for the coronavirus.

Stimulus talks were in focus over the weekend and at the open after House Speaker Nancy Pelosi said on Friday that Republicans and Democrats were working "on the text" to move "quickly" to facilitate an agreement.

Presumably tweeting from his bed at the Walter Reed National Military Medical Center, Trump pressured Congress to pass a deal on Saturday, demanding that lawmakers "WORK TOGETHER AND GET IT DONE".

As far as Trump's health was concerned, he stated he was getting "great reports" from his doctors. However, those same doctors said they'd been treating the President with dexamethasone, steroid only recommended for severe cases of Covid-19, after he was said to have experienced two drops in his oxygen levels since his diagnosis.

Trump's physician, Dr Sean Conley, later said that his condition had improved after being treated with antiviral drug remdesivir and that Trump, who also took a last-minute motorcade ride to wave to Make America Great Again supporters out the front of the hospital, may very well be discharged later in the day.

"The discharge decision will be made later today between the president and his medical team," said White House chief of staff Mark Meadows.

Following the diagnosis, former Vice President Joe Biden opened his widest lead in the presidential campaign in a month, with 51% of those polled backing him and 41% saying they would vote for Trump.

On the macro front, the final IHS Markit US services PMI came in at 54.3, slightly below an initial reading of 54.4, while the Institute for Supply Management's services index rose to 57.8% in September, up from 56.9% in the prior month.

In the corporate space, pharmaceutical giant Bristol-Meyers Squibb agreed to acquire Californian drugmaker MyoKardia in a $13.1bn deal, while shares in trade bellwether Caterpillar were trading 1.93% higher at the open.