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.
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