The Dow soared to its biggest one-day percentage gain since 1933, after U.S. lawmakers said they were close to a deal for an economic rescue package in response to the coronavirus outbreak
- The Dow soared on Tuesday to its biggest one-day percentage gain since 1933, after U.S. lawmakers said they were close to a deal for an economic rescue package in response to the coronavirus outbreak, injecting optimism following the biggest selloff since the financial crisis.
The expected legislation adds to aggressive action announced by the Federal Reserve in recent days, including purchase of corporate bonds and announcing that the U.S. central bank will make direct loans to companies. Investors were also pleased after President Donald Trump said on Monday he was considering how to restart parts of business life when a 15-day shutdown ends next week, even as the highly contagious virus spreads rapidly and poorly equipped hospitals struggle with a wave of deadly cases.
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Dow Soars More Than 11% In Biggest One-Day Jump Since 1933U.S. stocks rallied on signs that lawmakers and the Trump administration were nearing a deal on a giant stimulus package aimed at limiting the economic fallout of the coronavirus pandemic. The Dow rose more than 2,100 points, an 11% gain that was its biggest one-day jump in more than 85 years.
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Dow Jumps As Stimulus Deal AwaitedThe Dow Jones Industrial Average opened up 7% and the S&P 500 jumped 6.3% when markets opened Tuesday as congressional negotiations continued over a massive stimulus package to help the crippled economy survive through the COVID-19 pandemic.
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