US Stocks Struggle Early after Tuesday's Overcooked Rally

Dow Has Biggest Rally Since 1933, Surging 11.4% On Stimulus Hopes

US crude oil gained 77 cents to $24.78 per barrel in electronic trading on the New York Mercantile Exchange.

USA stocks soared in frenetic trading Wednesday, heading for their first back-to-back gains since February, after lawmakers and the White House reached an agreement on a $2 trillion stimulus package.

The 9.3% rise in the benchmark S&P 500 was part of a global rally which saw the Europe-wide Stoxx 600 finish up 7.5%, London's FTSE 100 end up 9%, Frankfurt's DAX with an 11% gain, the ASX 200 with a 4.2% rise and looking to go as much again today and perhaps more if the US Congress nuts out a final bill approves it.

Wall Street trimmed hefty gains late in the session after reports raised doubts about how quickly the bill might pass, but the S&P 500 and Dow Jones Industrial Average still ended up more than 1 per cent and 2 per cent respectively on Wednesday.

The Dow soared more than 2,100 points Tuesday, or over 11%, notching its biggest one-day percentage gain since 1933 and its best point increase ever.

France tightens lockdown measures to contain spread of coronavirus
About 56% of respondents said the government could not manage the crisis response, while 87% were concerned about further spread. Some 100,000 police officers are deployed to enforce the movement restriction.

On Tuesday, the index gained more than 2,000 points for the first time in the history of the index, climbing back above 20,000 points to finish the day at 20,685.

Spot gold drifted lower after a squeeze of historic proportions pushed its prices to the biggest one-day gain since November 2008 on Tuesday.

In the U.S., congressional leaders said they were close to a deal on a relief package worth more than $1.8tn, which would include money to bailout industries that have been affected by the crisis.

U.S. Senate reached agreement on an unprecedentedly large relief package that includes an extension of unemployment benefits, small business loans and some 130 billion U.S. dollars for health care infrastructure. The Federal Reserve and other central banks are also offering tremendous aid by cutting interest rates and supporting lending markets, but investors say they need to see the number of new infections peak before they can feel comfortable knowing how deep the looming economic downturn will be. The Nasdaq closed up 557.18 points at 7,417.86, for a gain of 8.1%. "If there's not too much damage done to the workforce, to the businesses during the shutdown period, however long that may be, then we could see a fairly quick rebound", Bernanke told CNBC's "Squawk Box". Since stocks began selling off on February 20, the S&P 500 has had six days where it's risen, and all but one of them were big gains of more than 4%. Brent crude, the worldwide pricing standard, added 73 cents to $30.47 per barrel. Afterward, stocks fell an average of 5% the next day. The market is now down almost 27% since setting a record high a month ago. The company said it will follow a similar playbook in other countries as the outbreak has spread around the world. Brent crude, the global pricing standard, added 7 cents to $29.81 per barrel.

In currency trading, the US dollar was at 111.00 Japanese yen, down from 111.22 yen late Tuesday.

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