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Stocks rebound on hopes for a coronavirus stimulus package

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

The Dow Jones Industrial Average surged more than 2,100 points, or 11%, after slumping to a three-year low a day earlier. The Standard & Poor’s 500 jumped more than 9%.

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

House Speaker Nancy Pelosi said Tuesday morning a deal on an economic stimulus package may be reached in the “next few hours.” 

“I think there is real optimism that we could get something done in the next few hours,” she told CNBC.

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