Stock market live updates: Dow up 1,300, hope for a stimulus deal, gold surging

All eyes are on Congress to pass a much-needed stimulus bill to rescue the economy from the coronavirus damage. The stock market is staging a turnaround with the Dow rebounding from its 2016 low. Here’s what’s happening:

The iShares MSCI South Korea ETF (EWY) popped 11.8% on Tuesday, on pace for its best day since Nov 21, 2008 when the EWY gained 18.79%.  The ETF consists of 110 large and mid-sized companies in South Korea. — Francolla, Li

The key financial leaders from G7 nations said in a statement Tuesday that they will do “whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system.”In addition to major efforts by the Federal Reserve, other central banks around the world have also announced major programs to help support economies during the pandemic, including the European Central Bank and the Bank of England.The central banks “pledge to maintain expansionary policies for as long as needed and stand ready to take further action, using the full range of instruments consistent with our mandates,” the statement said. — Pound

Major stock averages opened Tuesday’s session in the green on hopes for a massive fiscal stimulus deal. The Dow climbed 1,100 points after hitting its lowest closing level since November 2016 on Monday. The S&P 500 and the Nasdaq Composite rose 5.1% and 4.8%, respectively. — Li

Futures contracts tied to gold popped more than 6.5%. Gold prices are now up 12% this week alone after the Fed pledged unlimited asset purchases to support the markets, the latest in extraordinary central bank actions across the globe to fight off a coronavirus-induced recession. Investors are betting the central bank actions will lead to broad currency debasement and possible inflation, leaving gold as the best alternative.— Melloy

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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