- Title: Dow posts biggest percentage gain since 1933 on stimulus hopes
- Date: 24th March 2020
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (MARCH 24, 2020) (REUTERS VIA SKYPE) (SOUNDBITE) (English) MULTIVARIATE, MANAGING MEMBER, MAX WOLFF, SAYING: "So, I think the markets, being generous as always, will take four or five trillion dollars worth of support and give you back 500 billion dollars worth of asset price markups. So, I'm not sure that it's meaningful, but it does mean there are things that can arrest and cause some second guessing and some bargain hunting in the free fall. Probably Ackman's (investor Bill Ackman) comments helped a bit too. And although, I think it probably has no shelf life whatsoever, we did get the president kind of randomly announcing that everyone was going to go back to work as normal in a month or less. Obviously, this probably will be bunched with lots of the other comments as random asides that don't get followed up on, but there's a lot to hang your hat on today for a bounce excitement and that we're also in a situation where the technical indicators, which have been kind of leading a lot of sentiment here, suggest that we've gone too far, too fast south, and so we should pop back north a bit."
- Keywords: NYSE New York Stock Exchange closing bell markets
- Reuters ID: LVA002C6EXUTJ
- Location: NEW YORK CITY, NEW YORK, UNITED STATES
- City: NEW YORK CITY, NEW YORK, UNITED STATES
- Country: USA
- Duration: 00:00:49
- Aspect Ratio: 16:9
- Topics: Economic Events,Equities Markets
- Story Text: The Dow registered its biggest one-day percentage gain since 1933 on Tuesday (March 24) 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%, to 20,704.91, the S&P 500 gained 209.93 points, or 9.38%, to 2,447.33 and the Nasdaq Composite added 557.18 points, or 8.12%, to 7,417.86.
(Production: Soren Larson)
- Copyright Holder: REUTERS
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