Politics
Dow Jones Closes 1,100 More Points After Donald Trump Describes Coronavirus Response
Update
Wall Street stocks have recovered most of their historic losses from the previous day as hopes have risen, faded and then flourished as the U.S. government tries to ease the economic pain of the coronavirus.
Key points:
- Dow Jones S&P 500 Closes Over 1,100 More Points
- Coronavirus Worries Investors About Worst Economic Scenario
- Most international markets rose slightly on Tuesday after Monday's sharp drop
The S&P 500 jumped 3.7% during the morning session, to see these gains evaporate at noon. The index then rebounded up and down before becoming significantly higher after President Donald Trump presented his ideas for a break on payroll taxes and other economic relief to Senate Republicans.
At the end of the trade, the S&P 500 was up 4.9%, or more than 1,100 points, and had erased three-fifths of Monday's loss, which was its worst day since the 2008 financial crisis.
Investors welcomed Tuesday's stay but did not pretend it was the end of the uncertainty.
The Dow Jones Industrial Average rose 1,167.14 points, or 4.9%, to 25,018.16, and the Nasdaq composite jumped 393.58, or 5%, to 8,344.25.
Even with the most recent gains, the S&P 500 and the Nasdaq remained about 15 percent below the record close highs reached on February 19. A decline beyond the 20 percent mark would confirm a bear market.
The most notable movement in the market was the 10-year Treasury yield, falling to 0.79% from 0.49% on Monday evening. A week ago, it had never been below 1%.
European indices, many of which suffered their largest drop in a day since Monday 2008, climbed more than 3%.
The Chinese stock index closed up 1.8% and Tokyo rose 0.9%.
Unpredictability Worries Investors
The unpredictability of the coronavirus has worried investors about the worst-case scenarios for corporate profits and economic factories and supply chains are closed worldwide due to quarantines, and people stay home at place to work and spend.
But Tuesday's gains reflect the growing hope that support efforts from global authorities may be underway.
President Donald Trump has said his administration would ask Congress for wage tax breaks and other swift measures to help support the economy amid the spread of COVID-19, which has pushed them airlines to cancel flights and pushed Italy to lock the entire country.
In Japan, a task force created by the Prime Minister approved a package of 430 billion yen (6.3 billion) with support for small and medium enterprises.
But many predict that the market will continue to oscillate strongly until the growth rate of new cases slows down.
"Markets don't trade for good or bad, they trade for better or worse," said Alec Young, of FTSE Russell global market research.
"I expect the authorities will make every effort to reduce the uncertainty. This may be their only opportunity to do so."
AP / ABC
The subjects:
business-economy-and-finance,
markets,
diseases and disorders,
health,
world politics,
Government and politics,
disease control,
infectious-other diseases,
United States
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