The Fed also said Wednesday that it will leave rates near zero until it's confident the U.S. economy is on its feet and near full employment. The optimism about a viable coronavirus treatment and a supportive central bank offset the first U.S. GDP growth decline since 2014.
The Nasdaq rocketed 2.6% higher, with the S&P 500 up 2.2% and the Dow Jones industrials logging an early 1.9% gain on the stock market today.
Here's what's happened:
Wednesday’s rally by the numbers
S&P is up 13.73% this month and is on pace for its best month since Oct. 1974
Russell 2000 small caps gained 4.83% for its sixth straight positive day and sixth straight gain above 1% for the first time since Jan. 2000
Nine sectors were positive led by Energy, which gained 7.35%
Tech is now positive for the year, and is the only sector in the green year-to-date
West Texas Intermediate, the U.S. oil benchmark, settled up 22.04% at $15.06 per barrel for its first positive day in three
Gold is up 7.32% this month, on pace for its best month since June 2016
Dow jumps more than 500 points, S&P 500 jumps 2.6%
Stocks closed higher on Wednesday after spending the entire day in the green. The Dow jumped 532 points for a gain of 2.21%, while the S&P 500 rose 2.66%.
The Nasdaq rocketed 2.6% higher, with the S&P 500 up 2.2% and the Dow Jones industrials logging an early 1.9% gain on the stock market today.
Here's what's happened:
Wednesday’s rally by the numbers
S&P 500 gained 2.66% for its third positive day in four
S&P is up 13.73% this month and is on pace for its best month since Oct. 1974
Russell 2000 small caps gained 4.83% for its sixth straight positive day and sixth straight gain above 1% for the first time since Jan. 2000
Nine sectors were positive led by Energy, which gained 7.35%
Tech is now positive for the year, and is the only sector in the green year-to-date
West Texas Intermediate, the U.S. oil benchmark, settled up 22.04% at $15.06 per barrel for its first positive day in three
Gold is up 7.32% this month, on pace for its best month since June 2016
Stocks closed higher on Wednesday after spending the entire day in the green. The Dow jumped 532 points for a gain of 2.21%, while the S&P 500 rose 2.66%.
The Nasdaq was the relative outperformer for the day, posting a gain of 3.57%.
Stocks rallied on optimism around a Gilead drug to treat the coronavirus, as well as on comments from Chairman Powell that the Federal Reserve will use its powers to the “absolute limit” following the coronavirus-induced downturn. - CNBC
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