Dow continues to climb at opening, after Tuesday's record gains

The Dow gained 700 points Wednesday morning as U.S. markets opened. The S&P 500 was up 2.1%.

U.S. futures also were up this morning, after the Dow close Wednesday with a 2,100-point gain, and the S&P 500 posted a 9.4% gain. The Dow increase was the biggest single-day gain since 1993.

The market gains on Wednesday came as Congress neared a final deal for the $2 trillion coronavirus aid package.

At 1:37 this morning, Senate Majority Leader Mitch McConnell's office announced that Senate and White House negotiators had reached an agreement. House Speaker Nancy Pelosi has called for unanimous consent passage of the bill by her chamber.

Former Chairman of the Federal Reserve, Ben Bernanke, told CNBC that he believes this wave of economic volatility will result in a sharp recession, followed by a "fairly quick" rebound. He also noted that the economic trends he is seeing more closely mirror patterns after a natural disaster, then a Great Depression.