Here's what happened to the stock market on Wednesday
The Dow surged 483.22 points, or 1.68% to 29,290.85. The S&P 500 soared 1.13% to 3,334.69. The Nasdaq Composite advanced 0.43% to 9,508.68. Stocks rose broadly as investors bet the worst may be over for the coronavirus outbreak.
Wednesday's rally erased the S&P 500's losses from the past two weeks, which were sparked by fears that the coronavirus would hinder global economic growth. Confirmed coronavirus cases in China are , claiming the lives of 490 people. However, Dave Lafferty of Natixis Investment Managers notes the virus "doesn't seem to be the open-ended risk it was last week." A strategist at Jefferies also said the number of new reported cases may be slowing. To be sure, if the virus takes longer than expected to be contained or if there's a surge in new cases, stocks could suffer through another volatile spell.
The Senate just passed the American Rescue Plan—here's how it differs from the House version
Senate passes $1.9 trillion Covid relief bill, House Democrats plan final approval Tuesday
Another stimulus package is on its way. Here's what to do with the aid
The Senate passed Biden’s $1.9 trillion stimulus bill – here’s what’s next
Biden says people will start getting stimulus checks this month as soon as House passes Covid relief