The Dow soared on Tuesday to its biggest one-day percentage gain since 1933, after U.S. lawmakers said they were close to a deal for an economic rescue package in response to the coronavirus outbreak, injecting optimism following the biggest selloff since the financial crisis.
All three main U.S. stock indexes rebounded strongly from Monday’s brutal selloff as the coronavirus outbreak forced entire nations to shut down.
Senior Democrats and Republicans said they were close to a deal on a $2 trillion stimulus bill, aimed at providing financial aid to Americans out of work and help for distressed industries.
The expected legislation adds to aggressive action announced by the Federal Reserve in recent days, including purchase of corporate bonds and announcing that the U.S. central bank will make direct loans to companies.
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