Wall Street has now posted gains two days in a row for the first time since the outbreak started battering markets five weeks ago.
In this image provided by Jonathan Corpina, Jonathan Corpina, Senior Managing Partner at Meridian Equity Partners Inc., who normally works on the New York Stock Exchange trading floor, works in his home office in Armonk, NY., Wednesday, March 25, 2020. Stocks are wobbling in tentative trading Wednesday as a historic, worldwide rally downshifts dramatically after just a day.
Many on Wall Street say they don’t think stocks have hit bottom yet, but optimism rose after the White House and Senate leaders announced an agreement on the aid bill early Wednesday. A vote had been expected in the Senate by the end of the day, but then some lawmakers balked at the proposed bill. “They’re hitting on all the right elements of what the U.S. economy needs during the shutdown to bridge itself to the other side to open up economic activity,” said Darrell Cronk, chief investment officer of Wells Fargo Wealth and Investment Management.
Investors are also still waiting to see the details of Washington’s plan, which will include direct payments to most Americans and aid for hard-hit industries. It’s unclear when the House of Representatives could vote on the plan. The number of known infections has leaped past 450,000 people worldwide, and more than 20,000 have died, according to Johns Hopkins University. Overall, more than 112,000 have recovered.
That uncertainty has led to wild swings in the stock market over the last month. The S&P 500 surged 9.4% Tuesday as expectations built that Washington was nearing a stimulus deal. That was a better performance than the index has turned in for 10 of the last 20 full years.
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