Dow falls back from big gain, now up more than 400 points
Stocks rose in wild trading on Tuesday as investors fretted over the timing of potential fiscal stimulus to curb slower economic growth stemming from the coronavirus outbreak.
The Dow Jones Industrial Average traded 475 points higher, or 2%. Earlier in the day, the 30-stock average was up 945 points. The S&P 500 was up 1.5% after jumping 3.7%. The Nasdaq Composite advanced as much as 3.8% before trading 2.2% higher. The major averages briefly turned negative earlier, with the Dow falling as much as 160 points.
The S&P 500 energy sector traded down 0.2% after surging as much as 6.8%. Noble Energy and Kinder Morgan fell 8.5% and 5.2%, respectively, to lead the sector lower.
President Donald Trump floated on Monday the idea of “a payroll tax cut or relief” to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3 billion spending …continued .
[Source: CNBC News]