Dow Jones Gains 5% Following US Announcement of Multibillion Stimulus Package to Tackle COVID-19

© AP Photo / Craig RuttleTrader Gregory Rowe, center, and others work on the floor of the New York Stock Exchange Monday, March 16, 2020.
Trader Gregory Rowe, center, and others work on the floor of the New York Stock Exchange Monday, March 16, 2020.  - Sputnik International
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The Dow Jones Industrial Average has experienced a series of falls over the past week amid coronavirus concerns and failed OPEC deal talks.

The Dow Jones index has gained 5.7% or 1,150 points on Tuesday as the markets reacted to the White House plan to bolster the economy to counter the impact of the new coronavirus.

Other indices also advanced with the S&P 500 rising by 6.9% and the Nasdaq Composite Index climbing 7.1 %.

The Trump administration is reportedly seeking to ask Congress to approve a massive economic stimulus package of around $850 billion to help the nation's economy recover from damages caused by the novel coronavirus (COVID-19).

A trader works on the floor at the New York Stock Exchange (NYSE) - Sputnik International
US Dow Plummets Nearly 3,000 Points as Trump States COVID-19 Outbreak Could Last Months

The US markets have suffered losses and halts of trading in the past week amid fears prompted by the coronavirus outbreak.

Wall Street tumbled about 11 percent in Monday’s early trade on fears of a recession despite the central bank executing on Sunday an emergency rate cut - its second in two weeks - of one point and allocating $700 million for bond-buying to support financial markets.

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