Dow jumps 700 points as White House seeks $1 trillion in fiscal stimulus amid coronavirus outbreak
Stocks surged in volatile trading Tuesday as Wall Street cheered White House plans and new actions by the Federal Reserve to cushion the economic blow of the coronavirus.
The Dow Jones Industrial Average traded 724 points higher, or 3.6%. The 30-stock average traded more than 200 points lower at one point and briefly surged more than 1,000 points. It also dipped below 20,000 for the first time since February 2017. The S&P 500 was up 4.6% after briefly trading lower on the day. The Nasdaq Composite gained 4.8%. It was also down earlier in the session.
“We know there’s going to be monetary policy. We know there’s going to be fiscal policy and we’re hearing more about that. That’s two legs of the stool,” said Art Hogan, chief market strategist at National Securities. “The federal health care policy response, that’s another one. I still think the information …continued .
[Source: CNBC News]