Stocks climbed Wednesday morning in another day of bumpy trading as Congress moved closer to passing a $2-trillion package to help the coronavirus-stricken economy.
The Dow Jones industrial average was up 5%, or more than 1,000 points. That came after Tuesday’s 11.4% gain — the index’s biggest since 1933.Congress and the White House announced an agreement early Wednesday, and the Senate may vote on it later in the day. Investors were anxiously waiting for this kind of aid, which would help blunt the blow to the economy as businesses shut down to slow the spread of the coronavirus.
“The markets are taking it in stride today” after leaping so much the prior day on expectations of a deal in Washington, said Darrell Cronk, chief investment officer of Wells Fargo Wealth and Investment Management. With widening swaths of the economy shutting down and layoffs mounting, economists are sure a steep drop-off is coming. What’s unsure is how long it will last.
On Wednesday, Boeing soared more than 30%, fueled in part by expectations that it stands to gain from the aid package brokered on Capitol Hill. Other travel-related stocks also surged, recouping a fraction of their huge losses over the last month. Royal Caribbean Cruises jumped more than 20% Wednesday, but it’s still down nearly 70% for the year.
Did you read your own headline?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alexandria Ocasio-Cortez to co-sponsor House bill banning members of Congress from trading stocksRep. Raja Krishnamoorthi (D-Ill.) and Rep. Joe Neguse (D-Colo.) also plan to co-sponsor the bill, which comes in the wake of allegations that multiple senators profited off the COVID-19 pandemic by selling their stocks after attending closed-door briefings shortly before markets crashed. Also their family members and not allowed to have trusts . 🙄 Just another way she tries to take away people's freedom. We don't respect how you want to change the US. Go back to Puerto Rico and try changing that country, not this one.
Source: Newsweek - 🏆 468. / 52 Read more »
'A real step forward': Stocks climb after lawmakers agree $2 trillion coronavirus stimulus | Markets InsiderStocks climbed on Wednesday after US lawmakers agreed on a $2 trillion stimulus bill to buttress the US economy against the novel coronavirus. T... It took couple of trillions for millions clusterstock What’s wrong with this picture?
Source: BusinessInsider - 🏆 729. / 51 Read more »
After Trashy Tuesday and a Senate deal, even the bond king Jeffrey Gundlach says stocks have upsideAfter the Senate reached an agreement on a $2 trillion stimulus bill, even bond king and DoubleLine CEO Jeffrey Gundlach seemed to accept U.S. stocks have plenty of upside.
Source: MarketWatch - 🏆 3. / 97 Read more »
If Congress doesn't act now on a coronavirus aid package, BTIG's Julian Emanuel sees stocks plunging another 20%If Congress doesn't act on the coronavirus aid package, BTIG's Julian Emanuel sees stocks plunging another 20% (via TradingNation) TradingNation So be it. TradingNation Lol. Unless Trump opens everything up next Monday TradingNation
Source: CNBC - 🏆 12. / 72 Read more »
Asia stocks rebound, Fed pits endless QE against economic realityAsian stocks rebounded sharply on Tuesday as the U.S. Federal Reserve's pro... Finally Promote a market stabilization policy by mobilizing China's 2 trillion dollars, Japan's 1 trillion dollars, and the EU's 2.8 trillion dollars in fiscal policy! The days for the fiat currency are numbered. This is the last straw.
Source: Reuters - 🏆 2. / 97 Read more »
Stocks Rally 7% As Wall Street Hopes For Progress On Coronavirus Stimulus BillThe stock market rallied about 6% higher this morning amid renewed optimism that Congress can finally reach an agreement on a $2 trillion fiscal stimulus bill to cushion the economic fallout from the coronavirus pandemic by skleb1234 skleb1234 Oh, just you wait! skleb1234 America has to fight this virus and the Democrats they elected to survive. Remember this moment come November. skleb1234 Yo 286, suck my dick bro
Source: Forbes - 🏆 394. / 53 Read more »