Stock market live Tuesday: Dow soars 2,100 points, biggest jump in 80 years, stimulus close

All eyes are on Congress closing in on a much-needed stimulus bill to rescue the economy from the coronavirus damage. The stock market staged a huge turnaround with the Dow posting its best day since 1933. Here’s what happened:

The energy and financials sectors led stocks higher on Tuesday, rallying 16.3% and 12.75%, respectively, as investors await a stimulus package from Washington, aimed at combating the coronavirus-induced market sell-off. It was the energy sector’s best day since Oct. 2008, and stocks got a boost as oil prices moved higher. Exxon and Chevron, the U.S.’ two largest oil companies gained 12.69% and 22.7%, respectively. In the financials sector, Morgan Stanley rallied 19.45%, while Bank of America jumped 16.3%. Wells Fargo gained 14.5%, and JPMorgan was up 11.8%.Energy and financials leading the way is a departure from how the market has been trading as of late. Over the last month the two sectors are the laggards, with energy falling 45.5%, while financials has shed 32.8%. – Stevens

Tuesday’s surge marks a historic rally for the 30-stock Dow Jones Industrial Average. It was the benchmark’s fifth best percentage gain in history and the largest point gain ever. — Li, Rattner

Many on Wall Street believe absent a clear sign that the coronavirus is contained, rallies like the 10% violent upswing in the Dow Tuesday will come and go. “We’re going to need to have to see the infections pass an inflection point,” said Vincent Reinhart, chief economist at BNY Asset Management. The market has received help from monetary policy and looks on its way to aid from the fiscal side, but market experts see no clear path forward without signs the coronavirus is passing. – Li, Cox

Stocks that have been hit the hardest by the coronavirus outbreak, including cruise lines, airlines, and hotels, all jumped during Tuesday’s trading session as investors hope for a stimulus bill, and as President Trump said he would like to have the economy open again come Easter. Norwegian Cruise Line saw the largest jump, gaining 42%. Royal Caribbean and Carnival Corporation rose 22% and 14%, respectively. When it comes to the airlines American was the outperformer, rising 35.8%. United Airlines gained 25%, while Delta Air Lines jumped 21%. Airline maker Boeing gained 20%.Meanwhile, hotel stocks were also on the move, with Marriott jumping 12.8%, while Hilton gained 9.5%. – Stevens

Source: https://www.cnbc.com/2020/03/24/stock-market-live-updates-dow-futures-up-900-limit-up-hope-for-a-stimulus-deal.html

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