PEAKS AND VALLEYS

Stocks Jump as Capitol Hill Edges Toward Massive Coronavirus Stimulus Deal

Financial markets surged, but experts said they remain incredibly volatile.

Markets may have suffered their biggest selloff since the global financial crisis over the past few weeks, but Wall Street surged Tuesday as Capitol Hill edged toward completing a $2 trillion economic-rescue package. The Dow Jones Industrial Average jumped more than 1700 points, or by 9 percent, by noon Eastern time. Investors seem to have been calmed by a string of unprecedented emergency measures by the Federal Reserve to support credit markets, as well as reports that Senate Minority Leader Charles Schumer and Treasury Secretary Steven Mnuchin believe they’ll be able to sign off on a massive stimulus deal Tuesday. However, The Wall Street Journal warned that investors could easily become spooked again should there be any fresh outbreaks of the coronavirus, or when the extent of the economic damage caused by the virus becomes clear.