Dow Surges Over 11 Percent Marking Biggest One Day Jump Since 1933
On Tuesday, the Dow Jones Industrial Average increased more than 11 percent as investors hoped for stimulus deal, according to The Wall Street Journal.
The increase of over 11 percent is the largest one-day gain since 1933. Capitol hill was alluding towards an agreement on a coronavirus stimulus bill being completed in the near future as the economy struggles during the pandemic.
The Dow increased 2,112,98 points and closed at 20704.91. This was the largest point move ever for the index. Other major indexes made significant gains as well. The S&P500 increased 9.4 percent and the Nasdaq increased 8.1 percent.
The stimulus package was expected to be at least $1.6 trillion. However, right after midnight Senate majority leader Mitch McConnell announced Congress reached a deal worth around $2 trillion. The Senate is expected to vote on the bill Wednesday afternoon.
On Tuesday, the Dow Jones Industrial Average increased more than 11 percent as investors hoped for stimulus deal.