The stock market skyrocketed late on Tuesday afternoon as investors showed strong optimism that Congress would come to an agreement on a massive stimulus spending bill to help protect the economy and American families from the outbreak of the coronavirus, which originated in China.
“In the final hour of trading, gains picked up steam giving the Dow Jones Industrial Average a 2,112 point gain, the biggest ever, or 11 percent, while the S&P 500 gained over 9.3 percent and the Nasdaq over 8.1 percent,” Fox Business reported. “The upbeat sentiments were boosted by comments from President Trump, who said he supports reopening businesses sooner rather than later.”
The Wall Street Journal added: The blue-chip index gained 2,112.98 points to close at 20704.91. It was the biggest one-day percentage gain for the blue-chip index in almost 90 years, and its largest-ever move in point terms.
The S&P 500 climbed 209.93 points, or 9.4%, to 2447.33. The tech-heavy Nasdaq Composite rose 557.18 points, or 8.1%, to 7417.86. All three indexes are still down at least 24% from their mid-February highs.
Fox Business noted that the markets responded positively to remarks made by the president that he was hoping to get the economy up and going again by Easter. – READ MORE
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