Tuesday, March 24, 2020

Stocks soar

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🇺🇸🇺🇸🇺🇸 Stocks stormed upward on Tuesday as investors assessed that the likelihood of an economic rescue deal out of the nation’s capital had increased. The Dow Jones Industrial Average rose by more than 2,112.98 points, or 9.69 percent. The S&P 500 climbed 9.38 percent. The Nasdaq Composite jumped 8.12 percent. That was the best one-day gain for the Dow since 1933. All 11 sectors of the S&P jumped higher. Energy was the best performing sector, rising 16.29 percent. After that, industrials and financials were the next best-performing sectors, rising by 12.94 percent and 12.84 percent respectively. The worst sector, consumer staples, rose by an otherwise impressive 4.29 percent. The best performing Dow stocks were Chevron’s 22.5 percent gain, American Express with a 21.24 percent rise, and Boeing with a 19.6 percent gain. Verizon, the only Dow stock to fall, dropped 1.16 percent. Investors bid up stock prices on the hopes that an economic rescue deal seemed close to being reached on Capitol Hill. Yet as of the market close on Tuesday, no definitive deal had yet been reached.

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U.S. equity markets surged Tuesday morning amid investor optimism that members of Congress will overcome their differences to reach a deal on a $1.6 trillion COVID-19 stimulus package. ⁣ ⁣The Dow Jones Industrial Average surged 1,079 points, or 5.8 percent, in the opening minutes of trading, while the S&P 500 and Nasdaq Composite gained 5.3 percent and 5.1 percent, respectively. ⁣ ⁣The early gains came after the major averages plunged Monday despite the Federal Reserve announcing it would buy unlimited amounts of assets to support the economy. Monday’s 3 percent drop left the Dow at a three-year low and on track for its worst month since September 1931, one of the earliest years of the Great Depression, according to Dow Jones Market Data.

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