NEW YORK (AP) – Stocks surged Tuesday, sending the Dow up more than 2,100 points, its biggest-ever point gain, as Congress nears a deal to inject $2 trillion into the economy to mitigate damage from the coronavirus outbreak.
The Dow’s gain of 11.4% was its largest percentage increase since 1933. Treasury yields rose in an encouraging sign that demand for low-risk assets was easing.
The market has seen other big rebounds recently, only for them to wash out immediately. Investors say they need to see the number of new infections peak before markets can find a bottom.