At the close of trade, the Dow Jones Industrial Average index added 337.76 points, or 1.13%, to 30,199.31. The S&P 500 index added 47.13 points, or 1.29%, to 3,694.62. The tech-heavy Nasdaq Composite Index rose 155.02 points, or 1.25%, to 12,595.06.
Enthusiasm that U.S. lawmakers may be closer to a stimulus deal helped lift stocks. House Speaker Nancy Pelosi has scheduled a meeting later Tuesday with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer and House Minority Leader Kevin McCarthy, while Treasury Secretary Steven Mnuchin will participate by phone. The top four congressional leaders are expected to meet in an effort to finalize a massive government spending deal and reach an agreement on a new package of coronavirus relief.
The Fed is also expected to signal low-interest rates for the foreseeable future in its two-day meeting starting Tuesday. The recent coronavirus vaccine roll-out is expected to improve the central bank's 2021 outlook.
ECONOMIC NEWS: US Industrial Production Climbs 0.4% In November- US industrial production climbed by 0.4% in November following a downwardly revised 0.9% advance in October, the Federal Reserve reported on Tuesday. The Fed said manufacturing output increased for the seventh straight month, advancing by 0.8% in November amid a 5.3% spike in motor vehicles and parts production. The report also showed a substantial rebound in mining output, which surged up by 2.3% in November after falling by 0.7% in October. On the other hand, utilities output plunged by 4.3% in November after jumping by 1.8% in October, as warmer than usual temperatures reduced the demand for heating. The Fed noted that industrial production has rebounded to about 5% below its pre-pandemic levels after having plummeted by 16.5% between February and April.
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