Wall Street expected higher on Columbus Day amid stimulus hopes

Hopes of progress on a financial stimulus package for the hard-hit US economy continue to fuel the progress of US equities. After ending last week on a bright note, the major US indices are expected to start this week with their best foot forward. The Dow Jones Industrial Average is tipped to open around 53 points firmer to 28,640 and the S&P 500 is slated to start 20 points to the good at 3,497. Ahead of the unbearable hoop-la that will surround the Apple iPhone launch tomorrow, the tech-heavy NASDAQ is looking set for another strong day, with spread betting sites quoting the index at 11,898, up 318 points on Friday’s close. “US bond markets are closed for Columbus Day, so some traders will expect to see a less America-centric tone to the day ahead; however, stimulus talks in congress remain one of the key elements driving market sentiment as we move forward. With around three-weeks left until the election, Biden’s lead in the poll could point towards a substantial fiscal package coming into play should the Dems take congress, said Josh Mahony at IG Group. “However, for now, it is clear that perhaps the most we can hope for is a trimmed-down, targeted package to address those areas where stimulus cannot wait,” he added. Three things to watch for on Monday: Any share price movements from Apple Inc (NASDAQ:AAPL) as the tech giant gets ready to unveil its latest iPhone on Tuesday Political developments concerning a second US stimulus package after a US$1.9 trillion proposal from the Trump administration was rejected by Congressional Democrats over the weekend Any impact from across the Atlantic as UK prime minister Boris Johnson prepares to unveil a new set of coronavirus restrictions for England