US stocks end mixed amid anticipation of stimulus package

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IANS | 26 Mar, 2020
US stocks ended mixed on Wednesday in anticipation of the approval of a massive coronavirus stimulus package.

The Dow Jones Industrial Average increased 495.64 points, or 2.39 per cent, to 21,200.55. The S&P 500 rose 28.23 points, or 1.15 per cent, to 2,475.56. The Nasdaq Composite Index was down 33.56 points, or 0.45 per cent, to 7,384.30, Xinhua reported.

Eight of the 11 primary S&P 500 sectors closed higher, with industrials up 5.29 per cent, outpacing the rest. Communication services dropped 1.59 per cent, representing the worst-performing group.

The US Senate is expected to approve a $2-trillion stimulus package later Wednesday to blunt the economic impact of COVID-19, after days of strenuous negotiations between Republicans and Democrats.

The White House and Senate leaders reached a deal early Wednesday morning on the massive stimulus package, which is aimed at cushioning the economy from the growing impact of the coronavirus outbreak.

The number of COVID-19 cases in the US topped 60,000 as of Wednesday noon, according to the Center for Systems Science and Engineering at Johns Hopkins University.

Wednesday's market movement followed a historic rally in the previous session, with the 30-stock index soaring more than 2,100 points, or over 11 per cent, notching its biggest one-day percentage gain since 1933.