Stocks - Dow Rides Energy Higher as Oil Climbs; All Eyes on Capitol Hill
Investing.com
Published Mar 24, 2020 12:26PM ET
Updated Mar 24, 2020 01:47PM ET
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 8.51%, theS&P 500 gained 7.36% and the Nasdaq Composite added 6.13%.
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.
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.
Covid-19 infections in the U.S. rose to 46,805 from 33,453 a day earlier.
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 15% 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.
Tech, meanwhile, also caught a bid, with FANG and chip stocks in favor as investors pile into to beaten-down names like Advanced Micro Devices (NASDAQ:AMD), Nvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC) rising sharply.
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