Dow surges 1,173 points after Congress passes emergency spending bill, Biden dominates Super Tuesday
- Stocks surged on Tuesday after Congress agreed to an emergency spending bill to help fight the spread of coronavirus in the US.
- Equities also received a boost from Joe Biden’s surprise Super Tuesday victories, which alleviated Wall Street concerns over a far-left Democratic candidate.
- The S&P 500 rose for the second time in three days, fresh off a session that saw it decline 2.8%.
- The Dow Jones industrial average added more than 1,150 points.
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Stocks soared on Wednesday, reaching session highs in the last hour of trading after Congress agreed to an emergency spending bill designed to fight the spread of coronavirus.
Major US indexes also received a boost from Joe Biden’s surprisingly strong performance during Super Tuesday, which alleviated Wall Street concerns over a far-left Democratic candidate.
Here’s where major US indexes stood as of the market close on Wednesday:
S&P 500: 3,130.11, up 4.2%.
Dow Jones industrial average: 27,090.86, up 4.5% (1,173 points).
Nasdaq composite: 9,018.09, up 3.9%
The gains come a day after the Dow plummeted nearly 800 points amid fears the Federal Reserve’s surprise rate cut wouldn’t be enough to stimulate the coronavirus-stricken US economy.
US stocks have been battered of late, having recently suffered their worst week since the financial crisis in 2008. Investors are pinning their hopes on further stimulus efforts from global central banks.
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