Dow surges over 900 points Wednesday midday on hope of coronavirus package as index tries for first back-to-back gain in 7 weeks
The Dow Jones Industrial Average saw its gains firm Wednesday midday, helping the blue-chip index find purchase above the psychologically significant level at 21,000, putting the index in position for its first consecutive closing gain since early February. An advance for U.S. stocks at least partly were being attributed to fresh optimism that a bill to help workers and businesses deal with shutdown caused by attempts to mitigate the deadly viral outbreak. Senior lawmakers and members of the Trump administration early Wednesday came to an agreement on a $2 trillion stimulus measure to try to keep Americans whole as the economy shuts down due to the coronavirus. The Senate is expected to vote on the bill later Wednesday and the House may hold a vote later in the day or tomorrow, according to reports. Investors have been waiting for signs of fiscal measures to help limit the economic harm from responses to the pandemic that is likely to throw the domestic and global economy into a recession. The S&P 500 index was up 3% at 2,520, while the Nasdaq Composite Index advanced 1.4% at 7,519, while the Dow was up 965 points, or 4.7%, at 21,672, at last check. A gain for the Dow would market its first consecutive gain since the period ended Feb. 6, according to FactSet data. A close above 21,000, meanwhile, would represent its highest in about a week.
Published:3/25/2020 11:51:28 AM