The Dow Jones Industrial Average jumped more than 13% in two days as a coronavirus stimulus deal was agreed upon by Congress. Positive comments from New York Gov. Andrew Cuomo and a former Federal Reserve chief also lifted equities.
The 30-stock index heightened 495.64 points, or 2.4%, to 21,200.55
The broader S&P 500 gained 28.23 points, or 1.2%, to 2,475.56. Wednesday marked the first time since February the Dow and S&P 500 closed higher in back-to-back sessions. Boeing shares rallied 24% to lead the Dow higher. A 9.2% gain in Nike also boosted the Dow.
Stocks came off their highs in the final minutes of trading after Sen. Bernie Sanders said he was prepared to “put a hold on this bill until stronger conditions are imposed on the $500 billion corporate welfare fund.” At its session high, the Dow was up more than 6% while the S&P 500 gained as much as 5.1%.
The NASDAQ finished a topsy-turvy session down 33.56 points to 7,384.29, as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all closed lower.
White House and Senate leaders agreed to a massive $2-trillion coronavirus stimulus bill in the middle of the night.
Former Federal Reserve Chairman Ben Bernanke also said Wednesday the U.S. economy will experience a quick rebound after a “very sharp” recession.
Prices for the 10-Year U.S. Treasury lost ground, raising yields to 0.85% from Tuesday’s 0.84%. Treasury prices and yields move in opposite directions.
Oil prices improved 52 cents to $24.53 U.S. a barrel.
Gold prices slumped $22.90 to $1,634.30 U.S. an ounce.