Market comeback gains steam as Dow soars 1,500 points on stimulus deal hope
Stocks rebounded aggressively from a three-year low on Tuesday as investors hoped U.S. lawmakers were close to an agreement on a stimulus bill to rescue the economy from the damage caused by the coronavirus.
The Dow Jones Industrial Average soared 1,500 points, or about 8%. The S&P 500 gained 6.8% while the Nasdaq Composite advanced 6.1%. The Dow and S&P 500 closed at their lowest levels since late-2016 on Monday.
Chevron gained more than 20% to lead the Dow higher. Boeing, McDonald’s and Disney also rallied more than 10%. Energy was the best-performing sector in the S&P 500, soaring 12.9%, while industrials jumped 8.5%.
House Speaker Nancy Pelosi told CNBC’s Jim Cramer there is “real optimism” in Congress over a stimulus deal being reached in the next few hours. Senator Chuck Schumer and Treasury Secretary Steven Mnuchin said they hope to have a deal …continued .
[Source: CNBC News]