Dow makes largest gain since 1933 as Congress nears stimulus deal

A sign for Wall Street hangs outside at the New York Stock Exchange on Wall Street in New York City. Photo Courtesy: Wikipedia

March 24 (UPI) — The Dow Jones Industrial Average had its largest one-day percentage gain since 1933, after falling on Monday as federal lawmakers appear to be closing in on a major coronavirus economic rescue package.

The Dow Jones Industrial Average closed up 2,112.98, or 11.37 percent, while the S&P 500 rose 9.38 percent and the Nasdaq Composite increased 8.12 percent.

Tuesday’s gains reflected optimism that U.S. Senate and House negotiators would soon pass a stimulus package, which was again rejected Monday by Senate Democrats who felt it favored U.S. corporate interests more than those of most Americans.

U.S. Treasury Secretary Steve Mnuchin and Senate Democratic leader Chuck Schumer said late Monday a deal was close.

Other Stories of Interest:  U.S. stocks end week with losses after 3-day winning streak

Chevron led the Dow’s rise, gaining 22 percent, while American Express stocks rose 21 percent and Boeing stock climbed 20 percent.

Airlines, which have seen a dramatic decrease in business due to the coronavirus outbreak, also rebounded on Tuesday as American Airlines stock shot up 35.8 percent.

The energy sector was the best performer in the S&P 500, as it rose 16.3, percent after oil prices had fallen last week sending the Dow to a three-year low.

The Dow fell nearly 600 points on Monday, its first day of all electronic trading after the New York Stock Exchange closed the trading floor to mitigate the spread of coronavirus.

LEAVE A REPLY

Please enter your comment!
Please enter your name here