Stocks popped at the open, reversing morning losses after Treasury Secretary Steven Mnuchin signaled a stimulus deal could be announced today.


All three of the major averages rallied with the Dow Jones Industrial Average locking in a gain of nearly 300 points or 1%, while the S&P 500 gained 0.80% and the Nasdaq Composite 0.95%.

Also driving the gains a major jump in pending home sales which rose 8.8% a record gain for August.

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helped lift all three of the major U.S. averages tempering investor concerns after the nasty presidential debate between President Donald Trump and Democratic nominee Joe Biden.

Biden and Trump clashed on everything from the coronavirus pandemic to the economy to racial injustice.

Less than 30 minutes before the opening bell, Dow futures were off 55 points, while the Nasdaq Composite and the S&P 500 fell 28 points and 5 points, respectively.

GDP Drops, Jobs Rebounding 

In economic news, the ADP Employment Change showed 749,000 jobs were added in September, stronger than expected, as the economy continues to recover from the ongoing coronavirus pandemic.

GDP for the second quarter dropped 31.4%, in-line with an expected decline of 31.7% tied to COVID-19.

Declines in equities Wednesday will wrap a losing month for all three of the major averages. Read more at FOX Business