Stock market live updates: Dow up 1,800, 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 market comeback accelerated in early afternoon trading with the Dow jumping more than 1,800 points, or 9.7%, on pace for its best day since 2008. Chevron rallied more than 19%, the biggest winner in the 30-stock benchmark. The S&P 500 and the Nasdaq Composite soared 8.5% and 7.3%, respectively. — Li

The Cboe Volatility Index (VIX) — Wall Street’s preferred fear gauge — dropped more than 3 points, or 6.4%, to 57.63. The VIX eclipsed its financial crisis high last week, closing at 82.69. To be sure, the index is still high relative to other periods in history and still suggests sharp moves may be in store for stocks. —Imbert

Around midday, the Dow Jones Industrial Average was up more than 8%, or roughly 1,500 as investors cheered increasing prospects of U.S. lawmakers moving forward with a coronavirus economic stimulus bill. House Speaker Nancy Pelosi told CNBC’s Jim Cramer there is “real optimism” in Congress over a stimulus deal being reached. —Imbert

Shares of Royal Caribbean, Carnival, and Norwegian Cruise Line each jumped 27%, 21% and 32% respectively. Investors in cruise stocks were hopeful that a U.S. stimulus package, which Congress hopes to agree to on Tuesday, will include bailouts for the industry that has been hit hard by the coronavirus crisis. – Sheetz


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