Voice of America
26 Mar 2020, 23:35 GMT+10
WASHINGTON - Major U.S. stock indexes advanced 3% or more in early Thursday trading, even as markets fell in Asia and Europe.
The Dow Jones Industrial Average of 30 blue-chip stocks, the S&P 500 and the technology-heavy Nasdaq index all gained just hours after the U.S. Senate approved a massive $2 trillion rescue package aimed at combating the vast economic damage wrought by the deadly coronavirus.
President Donald Trump has pledged to sign the rescue deal into law as soon as the House of Representatives completes action on it on Friday.
It aims to flood the American economy with billions of dollars in new outlays for businesses, many of which have been virtually brought to a standstill by the coronavirus, as would-be customers self-isolate at home to avoid contact with anyone who might be infected.
A record 3.3 million U.S. workers filed for unemployment compensation last week, with millions more expected to claim jobless pay in the coming weeks.
After sharp stock market losses in recent weeks as fears of the coronavirus mounted, the major U.S. indexes have regained ground this week as it became apparent Congress would adopt the rescue package.
On Wednesday, the Dow rallied for a second straight day, the first time that has occurred since February.
In Asia, the Nikkei index in Tokyo fell more than 4% on Thursday, with the Hang Seng in Hong Kong and Shanghai exchanges down less than 1%.
In mid-afternoon trading in Europe, major indexes in London, Paris and Frankfurt were trading nearly flat from their closing numbers on Wednesday.
Uncertainty and fear about the virus and its economic toll have rattled markets for weeks, especially in the past month.
Stock prices have fallen sharply, while governments and central banks have rushed to cut benchmark interest rates and inject money into national economies to support businesses and help consumers regain their economic footing.
The $2 trillion aid package to U.S. businesses and most Americans is the largest-ever single government investment in the U.S. economy.
But some analysts are still saying the key word is "caution." They say the markets are moving a lot faster than the fundamental U.S. economy, and no one knows when the coronavirus outbreak will end.
Get a daily dose of Baton Rouge Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Baton Rouge Post.
More InformationNEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
SYDNEY, NSW, Australia - , Australian Federal Police (AFP) have shut down a secret drug lab in Sydney's west and seized more than 100kg...
Washington DC [US], July 2 (ANI): United States President Donald Trump on Tuesday (local time) said that Israel has agreed to the necessary...
Washington DC [US] July 2 (ANI): US President Donald Trump on Tuesday (local time) reaffirmed that India-US will soon strike a trade...
U.S. Senate passes Trump's landmark mega-bill The GOP-led Senate on Tuesday passed U.S. President Donald Trump's One Big Beautiful...
(250701) -- WASHINGTON, July 1, 2025 (Xinhua) -- U.S. President Donald Trump speaks to the press at the White House in Washington,...