Stock market live updates: White House and Fed boost stocks, Dow up 1,000, Oil drops 6%

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Oil’s steep decline continued on Tuesday when prices dropped further. U.S. West Texas Intermediate crude shed 6.1% to settle at $26.95, its lowest level since Feb. 2016. International benchmark Brent crude dropped more than 4% to settle at $28.73 per barrel. Recession fears are weighing on prices, as traders worry that the coronavirus outbreak and subsequent slowdown in business will continue to hit crude demand. – Stevens

With roughly one hour left in the trading session, the major averages were headed for sharp gains amid rising expectations of a fiscal stimulus package. The Dow was up more than 3% while the S&P 500 and Nasdaq both traded 4% higher. Tuesday’s gains are helping Wall Street recover some of the steep losses suffered in the previous session, which was the market’s worst in more than 30 years. —Imbert

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 

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

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