The Dow soared 2,112 points to close 11.3% higher today, notching its biggest one-day percentage gain since 1933.
The S&P 500 rallied 9.4% for its best day since October 2008. The Nasdaq surged 8.1% in its best day since March 13. Both the Dow and S&P 500 were coming off their lowest levels since late 2016.
The stocks aggressive rebound was due to the traders hopes of U.S. lawmakers that were close to an agreement on a stimulus bill to rescue the economy from the damage caused by the coronavirus.
The market breadth was overwhelmingly on the positive side in a good sign this comeback could have legs. Advancers led decliners on the New York Stock Exchange by 12 to 1.
Tuesday’s moves followed yet another stormy day on Monday as the Dow dropped 582.05 points, or 3%, to a three-year low Monday and was on pace to clinch its worst calendar month since 1931. The S&P 500 dropped 2.9% and was more than 30% from a record close set on Feb. 19. A big factor in Monday’s loss was due to a procedural vote in the Senate on a bill failed for the second time in 24 hours.
Tuesday’s gains also came as President Donald Trump signaled he was eager to reopen the economy, despite concerns of public health officials. “We’re opening up this incredible country. Because we have to do that. I would love to have it open by Easter,” Trump said on Tuesday.
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