Stocks wobble as Wall Street downshifts from historic rally

Dow has biggest rally since 1933, surging 11.4% on stimulus hopes

Stocks are higher in another day of bumpy trading Wednesday as Congress moves closer to passing a $2 trillion package to help the economy deal with damage caused by the coronavirus.

On Tuesday, the Dow Jones.DJI had soared over 11% in its finest day since 1933, whereas the S&P 500.SPX jumped 9.4%, recouping about $1.Eight trillion in market worth.

At 13:11 p.m. ET the Dow Jones Industrial Average .DJI was up 1,491.90 points, or 8.02%, at 20,083.83, the S&P 500 .SPX was up 153.38 points, or 6.86%, at 2,390.78 and the Nasdaq Composite .IXIC was up 394.84 points, or 5.76%, at 7,255.52.

The S&P index recorded no new 52-week high and two new lows, while the Nasdaq recorded four new highs and 61 new lows.

USA stocks were mixed at noon in volatile trading.

Investors hope that the U.S. Senate will pass a $2 trillion (1.7 trillion pounds) stimulus bill, aimed at providing financial aid to Americans out of work and help distressed industries, as early as Tuesday.

The Dow gained almost 11.4%, the most since 1933.

Germany's 10-year yield climbed one basis point to -0.31 per cent.

"We still need to see a slowing of the virus cases and a peaking in the U.S.", Carol Pepper, chief executive officer at Pepper International, told Bloomberg TV.

Senate Majority Leader Mitch McConnell, R-K.Y., described the legislation as "a wartime level of investment in our nation".

White House, Congress Work to Finalize Coronavirus Rescue Package
New York City Mayor Bill de Blasio said from the pandemic's US epicenter: "April and May are going to be a lot worse". The USNS Mercy will be sent to Los Angeles and the USNS Comfort is on the East Coast and will be sent to NY .

It will also include $350 billion for small-business loans, $250 billion for expanded unemployment aid and at least $100 billion for hospitals and related health systems.

"We still haven't seen evidence that things are improving in terms of contagion (and) also haven't fully appreciated how far this recession will go".

Democratic Senate Minority Leader Chuck Schumer said: "This is not a moment of celebration but one of necessity". "Because until then we'll have these huge relief-rally days - then we'll get a scary day and the market will plunge down again". With his re-election chances likely to be defined by a recovery from the crisis, President Donald Trump on Tuesday called for the economy to be restarted by April 12 - but market analysts have their doubts about that timetable.

The number of known infections has leaped past 450,000 people worldwide, and more than 20,000 have died, according to Johns Hopkins University.

MSCI's gauge of stocks across the globe surged 2.65% and emerging market stocks rose 4.32%.

New orders for key USA -made capital goods fell sharply in February as demand for machinery and other products slumped, suggesting a deepening contraction in business investment. Asia, Japan's Nikkei 225 jumped 8 percent, South Korea's Kospi rose 5.9% and the Hang Seng in Hong Kong gained 3.8 percent.

Gold declined 1.4 per cent to US$1,610.08 an ounce.

The dollar index fell 0.216%, with the euro up 0.44% to $1.0834.

In other trading, USA crude oil gained 38 cents to $24.39 per barrel in electronic trading on the New York Mercantile Exchange.

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