Dow opens 800 pts higher as US mulls new stimulus package

Tuesday, 07. April 2020 15:30

Wall Street opened the session on Tuesday with gains while the Dow Jones jumped over 800 index points as the United States President Donald Trump administration reportedly aims to support the coronavirus-affected economy with an additional economic stimulus worth $1.5 trillion.

US Treasury Secretary Steven Mnuchin claimed that the White House plans to ask Congress for more money to back small businesses amid the coronavirus crisis, adding that they have "$6 trillion to put into the economy." Meanwhile, White House economic advisor Larry Kudlow expressed hope that the US economy may be reopened in "few weeks" as the country sees "some slowdown in key metrics" related to the COVID-19 pandemic.

The Dow surged 3.83% at the opening bell with Boeing soaring over 9% while the S&P 500 jumped 3.26% at the same time as Discovery added more than 8%. The Nasdaq 100 opened 2.52% higher with United Airlines going up by nearly 17%. At 9:29 am ET, the euro gained 1.12% against the dollar, trading for 1.09132.

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Breaking the News / GA