Dow Jones spikes more than 800 points at opening of trading session, a sign that investors are welcoming Pres. Trump's pledge to intervene if the economy takes a turn south because of the coronavirus.
The Dow fell more than 2,000 points within minutes of opening Monday and President Trump promised"major" steps to boost the economy.
The Dow Jones Industrial Average spiked more than 700 points or 3% at the opening of Tuesday's trading session, a sign that investors are welcoming President Donald Trump's pledge to intervene as the economy gets battered by the coronavirus outbreak.MORE: What experts say you should do as stocks stay volatile amid coronavirus
The rally comes after financial markets suffered major losses Monday. Markets plunged enough to trigger a rare automatic halt to trading early Monday. By closing time, the Dow was down more than 2,000 points, or 7.8%. The S&P 500 fell 6.63% and the Nasdaq slipped 7.29%. After the market rout, Trump made a brief appearance at the White House’s coronavirus press conference, touting an upcoming economic relief plan.
The president said he would meet with Senate Majority Leader Mitch McConnell and other Republican leaders to discuss economic relief proposals, including a payroll tax cut and loans for small businesses, in order to combat financial hardships that could result from the coronavirus. Trump promised more details Tuesday after the meeting.
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