NEW YORK, March 17 — Wall Street stocks rose early Tuesday in choppy trading as markets weighed talk of potentially massive US government stimulus a day after a deep selloff due to the coronavirus.
US media reported that the White House is seeking an US$850 billion emergency stimulus package, underscoring the severity of a crisis that has plunged Wall Street into a bear market.
About 20 minutes into trading, the Dow Jones Industrial Average stood at 20,210.10, up 0.1 per cent, a day after falling nearly 3,000 points.
The broad-based S&P 500 gained 1.0 per cent to 2,409.92, while the tech-rich Nasdaq Composite Index also advanced 0.7 per cent to 7,082.70.
The plan being developed by Donald Trump’s administration is expected to include a payroll tax cut and US$50 billion in aid to troubled US airlines hit hard by the near total shutdown in the travel industry, The Washington Post reported.
That sum “is a long, long way from the initial US$8.3 billion emergency relief bill and underscores how quickly the coronavirus impact has ramped up from a public health, public policy and economic response standpoint,” said Briefing.com analyst Patrick O’Hare.
Boeing continued to weigh down the Dow, falling 7.4 per cent after S&P downgraded its debt rating and the company confirmed it was in talks with Washington policy makers about boosting liquidity for the aviation business. — AFP
