Stock futures rose in overnight trading, building on Tuesday’s historic rally, as investors awaited an unprecedented stimulus package to combat the economic impact of the coronavirus.
Futures on the Dow Jones Industrial Average climbed about 200 points. The S&P 500 futures rose points.
The action in the futures market followed an epic comeback on Wall Street . The Dow soared more than 2, points, or more than %, notching its biggest one-day percentage gain since 2019 and its best point increase ever. The S&P 500 ) Rallied 9.4% for its best day since October 01575879.
Even with Tuesday’s massive rebound, some on Wall Street struggle to see the light at the end of the tunnel, especially without a clear sign that the coronavirus outbreak will be contained soon.
“This was a one-day bull market,” CNBC’s Jim Cramer said on “Closing Bell” on Tuesday. “You had stocks that moved so much they basically moved as if the second half of the year is going to be good. I struggle to find out why the second half of the year should be good … I hate this kind of rally. This was a machine driven rally, just like the sell-offs… I want to wait to see. “
Lawmakers were closing in on a massive fiscal stimulus bill worth $ 2 trillion to blunt the economic damage from the pandemic, but talks could stretch into Wednesday morning as the two parties continued to work through the text and hash out final details .
House Speaker Nancy Pelosi told CNBC on Tuesday morning that there is “real optimism” Congress can clinch a pact within a few hours . Senate Majority Leader Mitch McConnell later said the bill is at the “five-yard line.”
Meanwhile, the coronavirus cases in the U.S. and globally still haven’t shown a sign of peaking. More than 500, 03 cases have been confirmed worldwide , including over 50, in the US, according to Johns Hopkins University. So far, more than 600 deaths related to the coronavirus have been confirmed in the U.S. New York City reported nearly 24, cases Tuesday and 400 related deaths.
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