US stocks gain as investors monitor stimulus talks

US stocks logged gains on Friday as President Donald Trump signaled support for a bigger coronavirus aid package.

The Dow Jones Industrial Average closed 161.39 points higher, or 0.6%, at 28,586.90. The S&P 500 gained climbed 0.9% to 3,477.13. The Nasdaq Composite advanced 1.4% to close at 11,579.94.

Microsoft and Salesforce led the Dow higher, rising 2.5% and 2.2%, respectively.

Investors remained optimistic about another fiscal stimulus package being passed by Congress eventually, encouraged by continued talks between House Democrats and the Trump administration.

United States President Donald Trump tweeted: Covid Relief Negotiations are moving along. Go Big! Reports indicated that the White House is preparing a $1.8 trillion stimulus proposal.

The Federal Reserve and U.S. lawmakers have spent trillions of dollars on various measures to keep the economy afloat during the pandemic. Earlier this year, the Fed launched an open-ended bond-buying program and Trump signed a $2.2 trillion package that included enhanced unemployment benefits and direct payments to Americans.

COVID-19 treatment hopes were also noted. Gilead Sciences Inc. said late Thursday that a late-stage study of its experimental COVID-19 treatment showed it shortened time to recovery.

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