Stocks Jump Higher on Trump Administration Stimulus Plans, Dow Up Nearly 1050 Points

Traders work during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. - Wall Street stocks rallied Tuesday on expectations for massive federal stimulus to address the economic hit from the coronavirus, partially recovering some of their losses …
Photo by JOHANNES EISELE/AFP via Getty Images

Stocks rose sharply on Tuesday as investors embraced the Trump White House’s plans to inject up to $1 trillion into the economy to combat the effects of the coronavirus and stringent measures aimed at slowing its spread.

The Dow Jones Industrial Average rose 1048.86 points, or 5.2 percent, to hit 21237.38. The S&P 500 rose 6 percent. The Nasdaq Composite soared 6.2 percent.

The futures market had a wild ride overnight and the market volatility continued Tuesday, with the major averages swinging wildly up and down. The market got a big boost from the Trump administration’s announcement of plans to aid hard-hit industries, such as airlines, delay required tax payments, and send checks to Americans.

The Fed launched a commercial paper facility aimed at supporting short-term funding markets relied on by businesses and lenders to home and car buyers. In addition, the Fed and other regulators announced they would take steps to encourage banks to tap their counter-cyclical liquidity and capital cushions.

All but three stocks on the Dow were up for the day. The losers were Boeing, Walt Disney, and McDonalds.

All 11 sectors of the S&P 500 rose on Tuesday. Utilities and consumer staples were the best performing sectors, up up 13.1 percent and 8.4 percent respectively.

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