US stocks rebounded Tuesday as investors held their breath for Congress to pass a stimulus package worth as much as $2 trillion to address the economic fallout from the coronavirus pandemic.
The Dow Jones industrial average rose as much as 1,168.01 points, or 5.9 percent, at the open as lawmakers neared a deal with the Trump administration on the rescue package, which would authorize massive cash payments to troubled industrial sectors, from airlines to mom-and-pop restaurants.
The S&P 500 and Nasdaq composite also jumped 5.4 and 5.3 percent, respectively, in early trading. The bounce came after a Monday selloff spurred by the Senate’s failure to pass a stimulus bill for the second time in two days.
A federal spending package — which could include lump-sum checks for Americans in addition to aid for virus-battered businesses — would complement the Federal Reserve’s aggressive efforts to blunt the economic effects of the pandemic, which has sparked fears about a deep recession.
“My general feeling is that the selling pressure is about to run its course,” said David Bahnsen, chief investment officer at the California-based Bahnsen Group. “I believe a lot of things are shaping up to redirect the trajectory of conversation and sentiment, such as the Fed’s new stimulus measures and expectations of fiscal stimulus.”
The Fed’s Monday move to buy an essentially unlimited amount of Treasury and mortgage-backed securities likely helped stave off a deeper selloff on Wall Street as bitter political gridlock held up the fiscal package.
Such partisan bickering could delay the crucial bill even further — which won’t help investors’ attitudes, according to Ed Moya, senior market analyst at OANDA.
“Lessons from the global financial crisis should remind lawmakers to not drag this out too long,” Moya wrote in a Tuesday commentary.
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