Dow opens with 1,000 point rally

Stocks rally as Trump expresses desire to 'open' the country, and lawmakers inch closer to a rescue bill

New York Stock Exchange
New York Stock Exchange
(Mario Tama / Getty Images)
Last Updated:
March 24, 2020 - 10:03am

The Dow surged 1,000 points when U.S. markets opened Tuesday, with investors optimistic about Congress passing a coronavirus relief package before the end of the day.

Futures markets surged in early trading this morning. The Dow Jones Industrial Average climbed 900 points and briefly hit its limit-up level. The S&P 500 also climbed about 4%.

Both European and Asian markets rose today by the most they have in weeks. 

Monday evening, President Trump said that he was looking to “open up our country, and it will be fairly soon.” Asked what the duration of the economic shutdown would be, the president responded, “I’m not looking at months.”

Capitol Hill lawmakers, specifically Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer, say they hope to have a deal in place for the coronavirus rescue bill by this morning.

Democrats have twice now blocked an initial Senate floor vote to move the $1.8 trillion bailout bill forward.

Senate Majority Leader Mitch McConnell on Monday had pointed words for his colleagues across the aisle, saying the country had “run out of time” and accusing them of playing politics over issues like carbon-footprints, while American lives slipped away.

The Dow is currently on track to record its worst month since 1931, when it fell 30.7% in September.