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- At a time when the Federal Reserve is preparing to wind down its pandemic-era stimulus, chances for growth overcame concerns about price pressures.
- Merck's experimental COVID-19 pill's encouraging findings prompted a rally for firms that stand to gain from an economic revival. The S&P 500's top gainers were energy, financial, and industrial stocks, while a small-cap index rose 1.7%. Airlines, cruise operators, hotels, and amusement parks all saw significant growth.
- Manufacturing in the US grew at its quickest rate in four months, boosted by strong demand for manufactured items and rising inventories. In late September, consumer confidence in the US increased somewhat, although it remained near a pandemic low. The yearly increase in the personal consumption expenditures index, which the Fed uses to set its inflation objective, was the highest since 1991.
- House Democrats are attempting to overcome the impasse that is preventing a vote on legislation to increase infrastructure spending by $550 billion, which is meant to be the first item on Biden's economic agenda.
