Stocks blast higher on expectation of sweeping federal action

There are no free market fanatics on corporate boards the moment the economy wobbles. Today makes the point, with stocks shooting higher on the back of news that a sweeping federal package of aid and stimulus should soon pass Congress. The goal of the financial package is to blunt the impact of COVID-19-related market disruptions…

Stocks blast higher on expectation of sweeping federal action

There are no free market fanatics on corporate boards the moment the economy wobbles. Today makes the point, with stocks shooting higher on the back of news that a sweeping federal package of aid and stimulus should soon pass Congress. The goal of the financial package is to blunt the impact of COVID-19-related market disruptions that have led to mass layoffs, and an economy expected to slip into recession.
Today in regular hours the Dow Jones Industrial Average (DJIA) led American indices by climbing over 10%. It was the best day for the venerable Dow since the 2008 crisis in percentage terms, though the index has posted sharper declines in percentage terms in recent days.
Its kin also rose, if less. Here’s the day’s results:
DJIA: rose 11.37% to 20,704.91
S&P 500: rose 9.38% to 2,447.33
Nasdaq composite: rose 8.12% to close at 7,417
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