US stocks surge as Congress nears deal on US stimulus
Gains in risk assets follow an unprecedented move by the Federal Reserve to backstop large swaths of the financial system
New York — US stocks rallied, with the Dow Jones Industrial Average up over 9% for the first time since 2008, as investors rediscovered some appetite for risk with Congress looking close to an unprecedented spending bill to prop up the slumping economy. The dollar halted a 10-day rally.
The S&P 500 rebounded from the lowest level since 2016, poised to notch a third straight on Tuesday turnaround after starting the week with a rout. Senators are negotiating the final sticking points in a roughly $2-trillion stimulus bill to help the US economy get through the coronavirus pandemic, and House speaker Nancy Pelosi said she was hopeful a deal could be reached later on Tuesday. ..
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