Voice of America
26 Mar 2020, 23:35 GMT+10
WASHINGTON - Major U.S. stock indexes advanced 3% or more in early Thursday trading, even as markets fell in Asia and Europe.
The Dow Jones Industrial Average of 30 blue-chip stocks, the S&P 500 and the technology-heavy Nasdaq index all gained just hours after the U.S. Senate approved a massive $2 trillion rescue package aimed at combating the vast economic damage wrought by the deadly coronavirus.
President Donald Trump has pledged to sign the rescue deal into law as soon as the House of Representatives completes action on it on Friday.
It aims to flood the American economy with billions of dollars in new outlays for businesses, many of which have been virtually brought to a standstill by the coronavirus, as would-be customers self-isolate at home to avoid contact with anyone who might be infected.
A record 3.3 million U.S. workers filed for unemployment compensation last week, with millions more expected to claim jobless pay in the coming weeks.
After sharp stock market losses in recent weeks as fears of the coronavirus mounted, the major U.S. indexes have regained ground this week as it became apparent Congress would adopt the rescue package.
On Wednesday, the Dow rallied for a second straight day, the first time that has occurred since February.
In Asia, the Nikkei index in Tokyo fell more than 4% on Thursday, with the Hang Seng in Hong Kong and Shanghai exchanges down less than 1%.
In mid-afternoon trading in Europe, major indexes in London, Paris and Frankfurt were trading nearly flat from their closing numbers on Wednesday.
Uncertainty and fear about the virus and its economic toll have rattled markets for weeks, especially in the past month.
Stock prices have fallen sharply, while governments and central banks have rushed to cut benchmark interest rates and inject money into national economies to support businesses and help consumers regain their economic footing.
The $2 trillion aid package to U.S. businesses and most Americans is the largest-ever single government investment in the U.S. economy.
But some analysts are still saying the key word is "caution." They say the markets are moving a lot faster than the fundamental U.S. economy, and no one knows when the coronavirus outbreak will end.
Get a daily dose of Chicago Chronicle news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Chicago Chronicle.
More InformationNEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
NEW YORK CITY, New York: The U.S. dollar tumbled this week, hitting its lowest levels since 2021 against the euro, British pound, and...
By Reena Bhardwaj New York [US], June 29 (ANI): A prominent Hindu spiritual leader has been recognised by New York City officials...
BEIJING, June 28 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. China's Wang Xinyu finishes runner-up...
By Naveen Kapoor New Delhi [India], June 27 (ANI): The Aircraft Accident Investigation Bureau (AAIB) Lab in New Delhi, is currently...
Washington DC [US], June 27 (ANI): 'The Social Network' fans are in for a treat as their favourite movie is coming back with a sequel....
(250626) -- NEW YORK, June 26, 2025 (Xinhua) -- Khaman Maluach (R) poses for a photo with NBA commissioner Adam Silver after being...
New Delhi [India], June 26 (ANI): Congress leader Jairam Ramesh on Thursday strongly criticised the delay in starting an official investigation...