Coronavirus

Stock market surges to have best day since 1933 on news of imminent stimulus deal

Stock market surges to have best day since 1933 on news of imminent stimulus deal

Photo Courtesy: Nikada/iStock

(NEW YORK) — After a free fall on Wall Street, that plunged stocks into a bear market, all the indexes rallied on Tuesday as lawmakers came one step closer to passing an economic stimulus package, to help the nation’s economy weather the battering its taking from the ongoing COVID-19 coronavirus pandemic.

The Dow Jones Industrial Average gained 2,100 points — or 11.37 percent — while the S&P 500 added over nine percent while the Nasdaq jumped slightly over eight percent.

The gains have marked the Dow’s best day since 1933.

The rally started early Tuesday as U.S. Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer issued a statement saying they are “very close” to passing the promised $2 trillion package.  They and Senate Majority Leader Mitch McConnell have since declared that a deal is imminent and could be passed Wednesday.  Secretary Mnuchin has promised that President Trump will sign it into law.

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