How major United States stock indexes fared Wednesday

Andrew Cummings
March 26, 2020

The S&P 500 rallied 9.4% for its best day since October 2008.

"It's too early to call a bottom because there's way too much uncertainty", said Tony Rodriguez, head of fixed income strategy at Nuveen.

While markets had rocketed as much as 17% higher over the last two days, with stock index ETFs such as the SPDR S&P 500 ETF Trust (SPY) up to Tuesday to the tune of a massive 8.74%, while the SPDR Dow Jones Industrial Average ETF (DIA) rocketed 10.22%, and the Invesco QQQ Trust (QQQ) climbed 7.56%, the possibility of a roadblock in the Senate smacked USA stock indexes down at the end of Wednesday's session.

For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks.

The Dow Jones Industrial Average rose 495.64 points, or 2.39 per cent, to 21,200.55.

With widening swaths of the economy shutting down and layoffs mounting, economists are sure a steep drop-off is coming.

At 10:25 a.m. ET the Dow Jones Industrial Average was up 1,446.34 points, or 7.78%, at 20,038.27, the S&P 500 was up 152.18 points, or 6.80%, at 2,389.58 and the Nasdaq Composite was up 430.45 points, or 6.27%, at 7,291.13. What's unsure is how long it will last.

Some investors believed the stock market was overdue for a big bounce, having priced in a worst-case scenario regarding the economic damage being done by coronavirus-related shutdowns.

Investors are seeing US and global equity indexes posting their first consecutive daily gains since just before the rout began a month ago, even as economies from Milan to Seattle reel from the deepening pandemic. The S&P lost more than 100 points as investors who hoped Congress could rapidly approve the legislation, which provides direct payments to Americans, loans to all levels of businesses, and resources to states and hospitals to fight the outbreak was under fire. It had been up more than 1,300 points before the rally faded. Royal Caribbean Cruises jumped almost 17% Wednesday, but it's still down by almost 20% for the year. The company said it will follow a similar playbook in other countries as the outbreak has spread around the world.

Another bright spot was Nike, one of many retailers whose global business has been hammered by the coronavirus outbreak but is helped by healthy online sales, according to the quarterly earnings report released on Tuesday.

European markets ended with sizable gains. Germany's DAX was down 0.8%, and the French CAC 40 was up the same amount. Asian markets rose broadly, led by an 8% jump in Japan. The yield on the 10-year Treasury inched up to 0.82% from 0.81% late Tuesday, and the two-year yield slipped to 0.35% from 0.37%.

Echoing the subdued trading in the stock market, Treasury yields were holding relatively steady.

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