A momentous day for investors: The Dow ON TUESDAY scored its biggest ONE-DAY gain since 1933 as stocks bounced back from three-year lows. Investors bought equities across-the-board. Badly-beaten energy stocks led the charge. Spurring the rebound: U.S. lawmakers said they were close to a deal for a massive economic rescue package to blunt the damage from the coronavirus.
The Dow shot up more than 11%; S&P 500 gained 9%, and the Nasdaq tacked on 8%.
But Multivariate economist Max Wolff says today's rally may be unsustainable:
SOUNDBITE (ENGLISH): MAX WOLFF, ECONOMIST, MULTIVARIATE, SAYING:
"It's hard to have a sustained base and rally off of it until we know how many people will die, how many regions affected, and how long it’s going to take to begin the process or normalization."
Over in the House, a separate $40 billion proposal to bail out airlines and contractors lifted stocks of airlines such as Delta, American and United. The fiscal and monetary measures taken by authorities around the globe also boosted the shares of cruise line operators Carnival, Royal Caribbean, and Norwegian.
And a huge jump in Boeing shares fueled the Dow. Its CEO David Calhoun said the jet maker expects the grounded 737 MAX jet to return to the skies by mid-year.