Dow futures surge 900 points on optimism a coronavirus rescue bill is close
New York (CNBC, Mar24th,20):
Futures contracts tied to the major U.S. stock indexes surged in early trading Tuesday on hopes an agreement on a stimulus bill to rescue the economy from the coronavirus was close.
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As of 6:24 a.m ET., Dow Jones Industrial Average futures jumped 930 points, or 5%, to hit so-called limit up levels. S&P 500 futures and Nasdaq futures were also up 5% and “limit up.” The S&P 500 SPDR ETF was up 5.1% in premarket trading.
Senator Charles Schumer and Treasury Secretary Mnuchin were close to a deal on a $2 trillion stimulus bill, according to reports, which cited a conference call Schumer had Monday evening with Democratic leaders. Negotiations on the bill were set to continue Tuesday morning.