Dow Jones Industrial Average surges 1,985 points
The Dow surged 1,985 points, or 9.4%, to close at 23,185.62. The S&P 500 advanced 9.3% to 2,711.02. The Nasdaq Composite jumped 9.3% to 7,874.23. Stocks recovered some of the steep losses suffered in their worst day since the 1987 "Black Monday" crash.
Hopes of fiscal stimulus, more tests lift stocks
Investors cheered the possibility of fiscal stimulus from the U.S. government and others around the world. Treasury Secretary Steven Mnuchin told CNBC's "" the White House and Congress were nearing a deal. President Donald Trump also said 50,000 new tests will be available next week. Bottom line, investors got a respite from the steep selling that ended the longest bull market on record. However, Wall Street is still awaiting fiscal measures to curb slower economic growth from the coronavirus.
Travel stocks jump
Travel stocks rose broadly. Norwegian Cruise Line and Royal Caribbean closed higher by 15% and 6.8%, respectively. Delta, United and American Airlines all rose more than 6%.
What happens next?
Wall Street will be on the lookout for any signs of U.S. fiscal stimulus. Investors also will be on the lookout for any signs the virus is spreading further.Â
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