Stocks close solidly higher after the U.S. government announces more steps to combat the coronavirus and its harm to the economy. The Dow climbs 5%, or more than 1,000 points.
No one expects such moves to fix the health crisis, but investors hope they can help blunt the economic blow.
“There are still a lot of questions in the mind of the market as to what will be enough,” said Robert Haworth, senior investment strategist at U.S. Bank Wealth Management. “It’s a start, but there’s still a lot to be determined.” Uncertainty about when the outbreak will be contained and how much economic damage will be done to individuals and businesses has kept the markets on a roller coaster as steep losses give way to sharp gains and are wiped out again, sometimes all in the same day.“I don’t think we’re going to be able to trust movements in the market for some time,” said Tom Martin, senior portfolio manager with Globalt Investments.
The Dow Jones Industrial Average see-sawed through the day. It went from up 600 points to down 300 to up 1,190 and then pulled back again. It was up 668 points, or 3.3%, in afternoon trading. A day earlier, it lost nearly 3,000 after Trump said a recession may be on the way.
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