Advertisement
UK markets closed
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • CRUDE OIL

    83.05
    +1.70 (+2.09%)
     
  • GOLD FUTURES

    2,242.80
    +30.10 (+1.36%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • Bitcoin GBP

    56,026.97
    +1,422.61 (+2.61%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • NASDAQ Composite

    16,379.46
    -20.06 (-0.12%)
     
  • UK FTSE All Share

    4,338.05
    +12.12 (+0.28%)
     

Stocks - Dow Rides Energy Higher as Oil Climbs; All Eyes on Capitol Hill

By Yasin Ebrahim

Investing.com – The Dow on Tuesday clawed back its losses from a day earlier amid reports that U.S. lawmakers are inching closer to approving a reported $2 trillion coronavirus package to support the economy and efforts nationwide to combat the Covid-19 pandemic.

The Dow jumped 8.95%, theS&P 500 gained 7.64% and the Nasdaq Composite added 6.34%.

With fears over a recession intensifying, investors are closely watching the progress on Capitol Hill as U.S. lawmakers are expected to vote later today on the coronavirus rescue package, which includes measures to support the economy such as tax breaks, checks and bailouts for big businesses hurt by the outbreak. Measures to backstop payrolls have reportedly also been included the package as both sides of the political aisle continue negotiations.

ADVERTISEMENT

Senate Minority Leader Chuck Schumer reportedly said stimulus talks are "on the two yard line," and added that the bill will pay full salary for four months for workers out of a job due to nationwide containment measures to stem the virus spread.

Energy stocks, which have been among the hardest-hit sectors, led the broader rally on Wall Street amid an uptick in oil prices.

Industrials, meanwhile, also contributed to the rally, spearheaded by a surge in Boeing (NYSE:BA), up 17% as investors bet the aircraft maker could be set for a big cash injection.

The aircraft maker was also boosted by comments from CEO David Calhoun who said he still expects the 737 MAX, which was grounded last year, to win FAA approval and return to service in early summer, CNBC reported.

Related Articles

Citigroup will temporarily close up to 15% of branches

Intel suspends share buybacks, warns of likely coronavirus hit

Texas Instruments Stock Rises 4%