U.S. Stocks Rebound on Hopes for Virus Stimulus: Markets Wrap
- Investors pining for details on Trump administration plans
- Crude rallies 8% after worst rout in decades; bonds slump
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U.S. rallied back from the worst rout since the financial crisis on expectations the Trump administration will implement stimulus measures to counter the economic impact from the coronavirus. Treasuries fell and oil jumped.
The S&P 500 rallied 4.9% as investors digested a trickle of news that President Donald Trump and his team are looking at measures including cutting payroll taxes and aiding ailing businesses like airlines and cruise operators. Stocks whipsawed throughout another wild day on Wall Street, wiping out a gain of 3.5% to turn negative before a furious rally in the final two hours of trading delivered the biggest gain since December 2018.