The Dow Jones Industrial Average rebounded on Tuesday, climbing more than 1,000 points or over 5% by the time market’s closed. The index saw more than 500-point swings, coming after it suffered its worst day since the “Black Monday” crash of 1987 on Monday, plunging nearly 3,000 points or 12.94%. The S&P 500 and Nasdaq also climbed Tuesday, with both indices up by 5.99% and 6.23%, respectively, at closing.
After the Federal Reserve announced further intervention amid the coronavirus crisis, establishing a commercial paper fund to help support the flow of credit to U.S. households and businesses, the rise began. Additionally, hopes of a further stimulus package from the Trump administration, that included money going directly into the Americans’ pockets, also seemed to quell investors’ anxieties about the economy after the steep sell-off Monday.
President Donald Trump said at a press briefing Tuesday, “At my direction, [Treasury] Secretary Mnuchin is meeting today with senators on additional stimulus packages.”
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