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The Dow Jones Industrial Average jumped 2,112.98 points, a record for a single day, as negotiations continued over a massive stimulus package to help the crippled economy deal with 

. The Dow gained nearly 11.4 percent, the most since 1933. 

The S&P 500 soared about 9.4 percent. That's a rebound from 

Tuesday's increase in the Dow — to 20,704.91 — broke a point record set March 13, when the blue chip index 

The stock market has been falling for weeks as much of the global economy has been shut down in an effort to slow the spread of the coronavirus. The Dow has lost more than 8,800 points since it peaked on Feb. 12 — a staggering drop of 30 percent. The 11-year bull market — the longest in history — is now a distant memory.

There were signs that a stimulus deal in Congress was getting closer.

"I think there is real optimism we could get something done in the next few hours," 

 in an interview on CNBC. Sen. Chuck Schumer, the Senate's top Democrat, said late Monday that he was 

 with the White House on a deal for emergency funding that could top $1 trillion.

On Monday, the Federal Reserve launched its latest effort to 

Finance ministers and central bankers from 

 major industrialized nations pledged Tuesday to "do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system."  

Business and Economic News

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COVID-19

Avie Schneider

Author

U.S. stock indexes surged as negotiations continued over a massive stimulus package to help the crippled economy deal with the growing effects of the coronavirus pandemic. 

Dow jumps a record 2,100 points as stimulus deal awaited

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