Here's what happened to the stock market on Wednesday

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U.S. Senator Chuck Schumer (D-NY) discussing the Senate impeachment trial.

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Dow Jones Industrial Average rallies 495 points

The Dow jumped 495.64 points, or 2.39%, to close at 21,200.55. The S&P 500 climbed 1.15% to 2,475.56. The Nasdaq Composite advanced 0.45% to 7,384.30 The S&P 500 strung its first consecutive gains since mid-February.

White House, Senate reach stimulus deal

Stocks jumped after the White House and Senate lawmakers struck a deal on a massive stimulus bill aimed a mitigating the economic blow from the coronavirus pandemic. But stocks came off their highs after Sen. Bernie Sanders of Vermont threatened to hold up the bill, addressing what he called a “$500 billion corporate welfare fund.”

Former Federal Reserve Chairman Ben Bernanke said Wednesday the U.S. economy will experience a quick rebound after a “very sharp” recession, lifting investor sentiment.

Boeing and Nike soar

Boeing shares rallied more than 24% to lead the Dow higher. Nike shares also climbed more than 9% on the back of better-than-expected sales. The athletic apparel maker also said it is seeing a “recovery” in China, one of its biggest markets.

What happens next?

Investors will watch out for the latest data on weekly jobless claims, which are expected to surge amid the pandemic.

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