Coronavirus: US stocks up after lawmakers agree on unprecedented stimulus
- The White House and Congressional leaders strike a deal overnight on a stimulus package estimated at US$2 trillion
- Trades follow Tuesday’s record session, when the Dow soared 11 per cent in advance of an agreement
US stocks rose on Wednesday following the announcement overnight by congressional leaders of an agreement on a deal for an unprecedented stimulus package to help the economy recover from the coronavirus outbreak.
The Dow Jones Industrial Average increased 482 points, or 2.3 per cent, its first gains in consecutive trading sessions since February 5.
The benchmark index, however, slid dramatically in late trading, losing more than 700 points in the last 20 minutes alone, indicating investors jitters resumed as the Covid-19 outbreak continues to spread.
The Standard & Poor’s 500-stock index closed up 1 per cent, and the Nasdaq composite, heavy with tech stocks, ended down 0.5 per cent.
Wednesday followed Tuesday’s record session, when the Dow soared more than 2,100 points, or 11 per cent – its best point increase ever and its biggest one-day percentage gain since 1933.
The White House and Senate leaders reached a deal overnight on a massive US$2 trillion stimulus bill to help US businesses and ordinary Americans to combat the impact of the coronavirus outbreak.