NewsCoronavirus

Actions

Stocks up over 5% amid building hopes for US virus stimulus

Stocks are jumping in early trading on Wall Street
Default-Image_1280x720.png
Posted at 8:06 AM, Mar 24, 2020
and last updated 2020-03-24 10:06:52-04

NEW YORK (AP) — Stocks are jumping in early trading on Wall Street Tuesday amid expectations that Congress is nearing a deal on a big coronavirus relief bill.

That would follow more aggressive steps from the Federal Reserve announced a day earlier to support lending and bond markets.

Major U.S. indexes jumped more than 5% in the first few minutes of trading, joining a worldwide rally.

The market has seen rebounds like this before, only for them to wash out immediately.

Investors say they ultimately need to see the number of new coronavirus infections peak before markets can find a bottom.