Markets

Here's what happened to the stock market on Wednesday

People walk along Wall Street in the Financial District on September 02, 2020 in New York City.
Spencer Platt | Getty Images

Dow Jones Industrial Average rallies 530 points

The Dow jumped 530.70 points, or 1.9%, to close at 28,303.46, for its best day since July. The S&P 500 advanced 1.7% to 3,419.45. The Nasdaq Composite closed 1.9% higher at 11,364.60. The major averages rallied after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could be passed by lawmakers. 

Trump: Congress should move 'immediately'

Trump said in a tweet: "The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business." Trump also pushed for another round of $1,200 stimulus checks for Americans. Those comments helped stocks erased their losses from the previous session.

Airlines jump

United Airlines closed 4.3% higher and Delta gained 3.5%, getting a boost from Trump's comments. The two stocks also got upgrades from a JPMorgan analyst. Boeing shared advanced 3.2%.

What happens next?

Weekly jobless claims data are set for release Thursday.

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