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.
- Visit Business Insider’s homepage for more stories.
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.
Read more: A real-estate investor who paid $60,000 to learn the business shares the 7 key criteria that led to a 1,000-unit portfolio in less than a year
Kitely known as Kitely Parker, I am a writer and an industrialist by profession. My age is 33 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about services and business,finance; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour.