S&P Hits Record, Dow Soars Over 30,000 After McConnell Says "We Can Do This... Compromise Within Reach" Tyler Durden Thu, 12/03/2020 - 10:48 After House and Senate Democrats significantly lowered their "ask" from over $2 trillion to just $907BN as per the bipartisan proposal they backed, this morning there was more optimism on a targeted fiscal deal when Republican Tom Reed, co-chairman of House Problem Solvers Caucus, said in a CNBC interview that McConnell had increased the amount of stimulus funding he’s comfortable with to $600B. Then moments ago stimulus optimism got a fresh boost after the latest soundbites from the Senate GOP leader who spoke on the Senate floor saying "It’s been heartening to see a few hopeful signs in the past few days" if caveating that "the underlying reality … is still with us. There are many important policies that have strong bipartisan support. There are many others that do not. And the way to help the country is … to finally let the former group be signed into law while we keep arguing over the rest." This, however, was followed by even more optimism from McConnell who sounded "pretty optimistic", saying Congress should pass a stimulus bill now that covers areas where there is agreement and continue to debate the parts where lawmakers disagree. The Senator also said that his targeted aid bill would help small business now, adding that Congress should not keep Americans waiting, and that "compromise is within reach … We can do this. and we need to do this. so let’s be about actually making a law." NEW: https://twitter.com/senatemajldr?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); on https://twitter.com/hashtag/COVIDrelief?src=hash&ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); says, "Compromise is in reach." but insists the GOP targeted bill is the best path forward noting POTUS will sign it. "The way to help the country is to let the former group be signed into law while we argue over the rest"https://twitter.com/hashtag/NexstarDC?src=hash&ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); pic.twitter.com/eJJ5jPNKGj — Raquel Martin (@RaquelMartinTV) https://twitter.com/RaquelMartinTV/status/1334522313006592000?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); McConnell's growing optimism was enough to push the Dow sharply higher, rising above 30,000... ...with the S&P hitting a fresh all time high of 3,680... ... helping small caps/Russell 2000 stocks outperform a tech/Nasdaq basket... ... even if bonds aren't quite buying it just yet. Meanwhile, Sen. Lindsey Graham (R-SC) is reportedly heading to the White House for discussions. Sen. Lindsey Graham says he's heading to the White House. — Zach C. Cohen (@Zachary_Cohen) https://twitter.com/Zachary_Cohen/status/1334517114925948931?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");