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March 29, 2020
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U.S. stocks are already hitting their upper trading limit as markets rally around the world amid coronavirus crisis

The Dow registered its biggest one-day percentage gain since 1933 on Tuesday after U.S. lawmakers said they were close to a deal for an economic rescue package, injecting a shot of optimism into markets reeling from the biggest selloff since the financial crisis.

The Dow Jones Industrial Average rose 2,112.98 points, or 11.37 per cent, to 20,704.91, the S&P 500 gained 209.93 points, or 9.38 per cent, to 2,447.33 and the Nasdaq Composite added 557.18 points, or 8.12 per cent, to 7,417.86.

While the U.S. Federal Reserve’s offer of unlimited bond-buying was not expected to mitigate on its own the devastating impact of the coronavirus, investors hoped it would help avert a global depression with the help of other rescue packages.

The Fed’s action had failed to persuade Wall Street on Monday, with losses of 2 per cent-3 per cent on major indexes. But the mood improved on Tuesday as other governments and central banks stepped in and Congress readied a US$2 trillion stimulus package to limit the economic fallout from the fast-spreading pandemic.

© Thomson Reuters 2020

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