Wall Street's stocks soar Tuesday, DJIA rises 2,112.98 points
- The DJIA, added 2,112.98 points, or 11.37%, to close at 20,704.91,
- The S&P 500 index put on 209.93 points, or 9.38%, to close at 2,447.33,
- The Nasdaq Composite rose 557.18 points, or 8.12%, ending trading at 7,417.86.
US stocks took off on Tuesday, with the Dow Jones Industrial Average notching a record one day gain and its best percentage gain since 1933. Investors latched on to optimism from the White House regarding COVID-19 and the potential for stimulus from Congress agreeing on a fiscal package aimed at combatting the economic impact of the virus.
How did the benchmarks perform?
Consequently, the Dow put on 2,112.98 points, or 11.37%, to close at 20,704.91, the S&P 500 index added 209.93 points, or 9.38%, to close at 2,447.33, and the Nasdaq Composite index rose 557.18 points, or 8.12%, ending trading at 7,417.86. For 2020, the Dow is losing 27.45%, the S&P 500 has lost 24.25%, and the technology-heavy Nasdaq is 17.33% lower.
ANZ Bank explained that we have seen enormous stimulus unleashed globally and while it cannot stop the economic slump, it does provide a safety net going forward. "Germany, which has freed up close to 35% of GDP in terms of stimulus, is considering a post-COVID-19 stimulus. The US no doubt will do the same as will other countries, and central banks seem willing to finance it."
DJIA levels
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
