The stock market skyrocketed late on Tuesday afternoon as investors showed strong optimism that Congress would come to an agreement on a massive stimulus spending bill to help protect the economy and American families from the outbreak of the coronavirus, which originated in China.
“In the final hour of trading, gains picked up steam giving the Dow Jones Industrial Average a 2,112 point gain, the biggest ever, or 11 percent, while the S&P 500 gained over 9.3 percent and the Nasdaq over 8.1 percent,” Fox Business reported. “The upbeat sentiments were boosted by comments from President Trump, who said he supports reopening businesses sooner rather than later.”
The Wall Street Journal added:
The blue-chip index gained 2,112.98 points to close at 20704.91. It was the biggest one-day percentage gain for the blue-chip index in almost 90 years, and its largest-ever move in point terms.
The S&P 500 climbed 209.93 points, or 9.4%, to 2447.33. The tech-heavy Nasdaq Composite rose 557.18 points, or 8.1%, to 7417.86. All three indexes are still down at least 24% from their mid-February highs.
Fox Business noted that the markets responded positively to remarks made by the president that he was hoping to get the economy up and going again by Easter.
“We can’t lose these companies if we lose a company that employs 100,000, 150,000 people when we could have given them what they sometimes call a bridge loan,” Trump said. “So it’s a very important thing.”
“Look, Easter is a very special day for me. And I see it sort of in that timeline that I’m thinking about. And I say, wouldn’t it be great to have all of the churches full?” Trump continued. “You know, the churches aren’t allowed essentially to have much of a congregation there. And most of them I watched on Sunday online and it was terrific, by the way. But online is never gonna be like being there. So I think Easter Sunday and you’ll have packed churches all over our country.”
“I think would be a beautiful time,” Trump concluded. “And it’s just about the timeline that I think is right. It gives us more chance to work on what we’re doing. And I’m not sure that’s gonna be the day, but I would love to aim it right at Easter Sunday. So we’re open for church service and services generally on Easter Sunday. That would be a beautiful thing.”
Trump added on Twitter: “Our people want to return to work. They will practice Social Distancing and all else, and Seniors will be watched over protectively & lovingly. We can do two things together. THE CURE CANNOT BE WORSE (by far) THAN THE PROBLEM! Congress MUST ACT NOW. We will come back strong!”
Our people want to return to work. They will practice Social Distancing and all else, and Seniors will be watched over protectively & lovingly. We can do two things together. THE CURE CANNOT BE WORSE (by far) THAN THE PROBLEM! Congress MUST ACT NOW. We will come back strong!
— Donald J. Trump (@realDonaldTrump) March 24, 2020
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