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Stocks jump on hopes for a coronavirus stimulus package

U.S. stocks advanced Tuesday on hopes that Congress would pass a stimulus bill to shield the economy from the coronavirus pandemic. 

The Dow Jones industrial average rallied more than 1,300 points, after slumping to a three-year low a day earlier. The Standard & Poor’s 500 jumped 6%. Stock futures had briefly surged 5%, triggering an automatic shock absorber.

Stocks stabilized overnight following a turbulent start to the week as Congress was nearing a rescue plan that could inject $2 trillion into the economy, according to reports. The measure is designed to provide direct payments of $1,200 to most Americans and $500 to children, help small businesses shuttered across the country and aid the hard-hit travel industry.

Democrats blocked a vote to advance the package Monday, criticizing a $500 billion fund that the Republican proposal sets aside for distressed businesses. They want to steer more assistance for public health and workers. Negotiations were expected to continue Tuesday.

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