Stocks pared earlier gains and finished Thursday’s session slightly higher as hopes for further fiscal stimulus waned.
The Dow Jones Industrial Average maintained gains of 35.2 points to 27,816.90.
The S&P 500 added 17.8 points, to 3,380.80.
The NASDAQ added 159 points, or 1.4%, to 11,326.51.
The major averages are coming off their first down month since March. The 30-stock Dow lost 2.2% in September, a typically weak month for equities. The S&P 500 fell 3.9% for the month, while the technology-heavy NASDAQ dropped 5.2%.
However, all three benchmarks achieved strong gains for the third quarter. The S&P 500 rose 8.5% in the quarter for its sixth positive quarter in seven and the index is up 5% for the year.
The market was supported by hopes that despite the public jockeying back and forth, lawmakers would eventually work a bill out. Major technology shares, which could do well even without another stimulus, provided the broader market with some support as Amazon, Microsoft, Alphabet and Facebook all jumped at least 1%. Netflix popped 5.5%.
The 30-stock benchmark and the S&P 500 briefly turned negative after House Majority Leader Steny Hoyer’s office sent out a notice that the House was expected to vote on the Democrats’ stimulus bill Thursday.
Traders were hoping lawmakers would keep delaying that vote in a sign that progress was being made with Republicans on a bipartisan package.
Mixed economic data also kept sentiment in check. U.S. manufacturing activity slowed in September as a purchasing manager’s index fell to a reading of 55.4 from 56 in August, according to the Institute for Supply Management.
The weekly jobless claims report came in better than expected, however. The U.S. Labor Department said first-time filers for unemployment benefits tallied 837,000 in the week ending Sept. 26. Economists polled by Dow Jones expected a total of 850,000.
Prices for the 10-Year Treasury stepped up, lowering yields to Wednesday’s 0.68%. Treasury prices and yields move in opposite directions.
Oil prices retreated $1.57 to $38.65 U.S. a barrel.
Gold prices gained $16.10 to $1,911.60 U.S. an ounce.
