Stock market live updates: Stocks rebound on stimulus hopes, Dow up 1,000, Oil drops 6%

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Stocks solidified their rebound from Monday’s dismal rout, climbing Tuesday on hopes of $1 trillion government stimulus to combat the economic downfall of the coronavirus. The Dow Jones Industrial Average closed the day up more than 1,000 points, or 5.2%. The S&P 500 rose nearly 6% and the Nasdaq Composite jumped about 6.2%. — Fitzgerald

Truist CEO Kelly King said on “Closing Bell” that his bank has not tapped the Federal Reserve’s discount window like some of its peers, but he said he did not see it as a sign of weakness that other banks did so. “I think this was simply a measure on the part of the Fed to make sure the system was working in case it were to become necessary. I’m fairly positive in saying that none of those other institutions had any need for that. But it was reasonable probably to ask them, the very largest institutions, to access the system just to make sure all the mechanics were working all right,” King said. — Pound

The benchmark 10-year Treasury yield popped above 1% after CNBC reported the White House is weighing a fiscal stimulus package of more than $1 trillion to offset the negative economic impact from the coronavirus outbreak. The yield on the benchmark 10-year Treasury note jumped nearly 30 basis points to 1.038%, its highest level since March 5. The yield on the 30-year Treasury bond also climbed a similar amount to 1.62%. Bond yields move inversely with prices. —Li

Deutsche Bank Americas CEO Christiana Riley said on “Closing Bell” that the newly announced restrictions on travel within the EU means that it will be tougher for the European economy to recover after the coronavirus crisis. “It’s a deeply symbolic step … what we’re seeing here now is quite literally the pulling up of the draw bridges across the continents and now even within the continent of Europe,” Riley said. “That’s no doubt going to have some severe macroeconomic consequences for us. If perhaps last week we were talking about a V-shaped recovery, we are no doubt talking about a U-shaped recovery now.” — Pound

Source: https://www.cnbc.com/2020/03/17/stock-market-today-live.html

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