US stocks were up as much as 7 percent in Tuesday’s early trading, with the Dow Jones Industrial Average index rising more than 1,300 points on expectations that lawmakers will make progress on a nearly $2 trillion stimulus package in response to the Covid-19 pandemic.
The Dow Jones Industrial Average index, the broadest equities gauge on the New York Stock Exchange, was up more than 1,300 points, or 7 percent, at 19,902 by 9:42 a.m. ET (13:42 GMT). The S&P 500, barometer for the top 500 US stocks, and the tech-heavy Nasdaq Composite both rose about 6 percent each.
The US lawmakers spent hours negotiating a possible deal on a massive package that would be used to boost the US economy, help American households and support the health care system during the coronavirus crisis. After the talks, Treasury Secretary Steven Mnuchin said the negotiations would resume at 9:30 a.m. EDT.
Meanwhile, US President Donald Trump took to Twitter to voice his expectations concerning the potential deal.
Congress must approve the deal, without all of the nonsense, today. The longer it takes, the harder it will be to start up our economy. Our workers will be hurt!— Donald J. Trump (@realDonaldTrump) March 24, 2020