narvikk/iStock(NEW YORK) — U.S. financial markets spiked early Tuesday, as the unprecedented coronavirus-induced volatility continues to roil Wall Street. The Dow Jones Industrial Average was up by more than 1,000 points at the market’s open, or more than 5.7%. The S&P 500 and Nasdaq both similarly spiked by more than 5%. The slight rally comes as U.S. Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer said they are “very close” to an agreement on a massive stimulus package to save the national economy from the detrimental impact of the coronavirus pandemic. Overnight, futures on U.S. financial markets rose during premarket trading, briefly hitting their “limit-up” trading thresholds.On Monday, equity markets tumbled on news that the stimulus package was being held up by Democratic lawmakers in its current form. The Dow closed down by more than 3%, and the S&P 500 and Nasdaq saw similar losses.As the COVID-19 health crisis increasingly becomes a financial one as well, the Federal Reserve has pulled out all the stops to ameliorate the economy. Meanwhile, all three major U.S. indices have plunged into bear market territory. Copyright © 2020, ABC Audio. All rights reserved.
