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KiplingerAug 05, 2020
Stock Market Today: Disney Adds to the Market's Magical Run
The wind remained beneath stocks' wings on Wednesday, as Washington's stimulus standoff improved and corporate earnings encouraged investors.

Congressional Democrats and White House representatives said Tuesday evening that the two sides might be able to agree on another rescue package by week's end, with passage possibly coming next week. (Note: As readers of our free A Step Ahead e-newsletter learned this morning, our political forecasters at The Kiplinger Letter are less optimistic about a stimulus bill so soon.)

SEE MORE 10 Best Stocks to Buy If President Donald Trump Wins Re-Election The corporate earnings calendar delivered a few single-stock surges today, too. 

Disney (DIS, 8.8%), for instance, reported a larger-than-expected revenue decline for its most recent quarter. However, investors instead focused on the fact that its Disney streaming service now boasts 60.5 million subscribers; the entertainment conglomerate had targeted 60 million to 90 million subscribers by 2024.

"Overall, with new CEO Mr. Bob Chapek now indicating an 'innovative and bold' further pivot to streaming, we expect Disney shares to be even more aggressively positioned as a streaming growth story (where investors have limited investment vehicles), and eventual COVID recovery play," write Credit Suisse analysts, who upgraded the stock to Outperform.


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