Stocks stage massive rally the morning after the worst rout since 1987
by Jay Heflin
| March 13, 2020 09:46 AM
U.S. stocks opened up Friday as Congress closed in on a deal to mitigate the economic costs of the coronavirus on the country.
The Dow Jones Industrial Average opened nearly 6% higher from Thursday’s close.
The S&P 500 and Nasdaq composite were also up, 5.27% and 4.94%, respectively.
U.S. stocks had suffered their worst losses since 1987 on Thursday as investors feared the ramifications of the coronavirus pandemic.
The House was scheduled to vote on a relief package Friday that includes expanding the food stamps program and creating a new federal "emergency paid leave" program for people kept home by the pandemic.
House Speaker Nancy Pelosi, a Democrat from California, and Treasury Secretary Steven Mnuchin had several discussions on making changes to the bill, and Pelosi hopes to have a vote on the measure Friday. The Senate is adjourned until Monday, so the earliest that the bill can reach President Trump’s desk to be signed into law is next week.
https://www.washingtonexaminer.com/news/stocks-stage-massive-rally-the-morning-after-the-worst-rout-since-1987
