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US stock climb as investors await stimulus developments, shrug off Google antitrust lawsuit

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  • US stocks closed higher on Tuesday as investors awaited fiscal stimulus developments and shrugged off an antitrust lawsuit leveled by the Department of Justice against Google.
  • House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin have been narrowing their differences on a stimulus bill, and continued talks in the afternoon.
  • Major indexes pared gains in the final minutes of trading after the Washington Post reported that Senate Majority Leader Mitch McConnell told the White House to refrain from striking a stimulus deal before the election.
  • Shares of Google climbed on Tuesday despite an antitrust lawsuit targeting the company. Tech heavyweights like Facebook, Amazon, and Apple also finished the day higher.
  • Visit the Business Insider homepage for more stories.

US stocks rose on Tuesday as investors weighed a series of strong earnings reports, continued fiscal stimulus developments, and an official antitrust lawsuit leveled against Google.

Major indexes pared gains in the final minutes of trading after the Washington Post reported that Senate Majority Leader Mitch McConnell told the White House to refrain from striking a stimulus deal before the election.

McConnell had signaled earlier in the day that the Senate would consider a bipartisan stimulus proposal if it materializes and gains the approval of President Donald Trump.

Here’s where US indexes stood at the 4 p.m. ET market close on Tuesday:

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Shares of Google parent Alphabet rose on Tuesday despite the search engine being accused of monopolistic behaviors in an antitrust lawsuit leveled against it by the Department of Justice and 11 state attorney generals. 

The DOJ – led by Attorney General William Barr – said the company abuses its leadership in the online search field, which could have relieved some investors who believed the DOJ would target Google’s advertising business.

Google responded to the lawsuit, saying “People use Google because they choose to, not because they’re forced to, or because they can’t find alternatives,” adding that the antitrust lawsuit will “artificially prop up lower-quality search alternatives, raise phone prices, and make it harder for people to get the search services they want to use.”

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Other mega tech companies that are being investigated for antitrust behaviors, like Facebook, Apple, and Amazon, all moved higher on Tuesday, signaling that investors are not worried about the potential outcomes of a government lawsuit against the tech giants.

A strong earnings report from Logitech showed that the work-from-home trend is still boosting demand for its computer accessories business, as well as a surge in online gaming. Elsewhere, Proctor & Gamble reported earnings that beat analyst estimates, posting its best organic sales growth since 2005. 

General Motors surged after it said it would invest $2 billion into a Tennessee manufacturing plant to build electric vehicles, including the new Cadillac Lyriq. 

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AMC Entertainment slipped after it warned in an SEC filing that it could file for bankruptcy if it is unable to raise enough cash to keep operations ongoing. 

Gold rose as much as 0.5%, to $1,914.15 per ounce.

Oil traded higher. West Texas Intermediate crude jumped as much as 2.1%, to $41.70 per barrel. Brent crude, oil’s international benchmark, rose 1.6%, to $43.30 per barrel, at intraday lows.

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