Stock market live updates: White House and Fed boost stocks, Dow up 1,000, Boeing craters

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Billionaire Mark Cuban said in a tweet on Tuesday that public companies that need assistance from the federal government due to the coronavirus should be banned from buying back their own stock in the future. This follows Cuban’s call earlier in the day to limit incentive payments to executives of those companies. — Pound

The Dow Jones Industrial Average rose 1,000 points on Tuesday in afternoon trading, following a Dow Jones report that the Trump administration’s coronavirus stimulus package could be $1 trillion. Earlier, Treasury Secretary Steven Mnuchin told reporters the government is considering directly sending checks to Americans in the next two weeks. — Fitzgerald 

The S&P 500 Utilites sector is up more than 10% on Tuesday, on pace for their best day since Oct. 2008. The sector is led higher by Edison International, Xcel Energy and ConED, which are all up about 14%. —Francolla, Fitzgerald 

Treasury Secretary Steven Mnuchin said financial markets will stay open but it’s possible to cut trading hours. “We may get to a point where we shorten the hours if that’s something we need to do,” Mnuchin said during a press conference Tuesday. Stocks have been in a turmoil where trading was halted briefly multiple times to prevent the market from falling through the floor. Market volatility, measured by the VIX, also surged to the highest level ever amid weeks of wild trading. – Li


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