U.S. Senator Chuck Schumer (D-NY) discussing the Senate impeachment trial.
Michael Brochstein | Getty Images
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.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.