Stocks stormed upward on Tuesday as investors assessed that the likelihood of an economic rescue deal out of the nation’s capital had increased. The Dow Jones Industrial Average rose by more than 2,112.98 points, or 9.69 percent. The S&P 500 climbed 9.38 percent. The Nasdaq Composite jumped 8.12 percent. That was the best one-day gain for the Dow since 1933. All 11 sectors of the S&P jumped higher. Energy was the best performing sector, rising 16.29 percent. After that, industrials and financials were the next best-performing sectors, rising by 12.94 percent and 12.84 percent respectively. The worst sector, consumer staples, rose by an otherwise impressive 4.29 percent. The best performing Dow stocks were Chevron’s 22.5 percent gain, American Express with a 21.24 percent rise, and Boeing with a 19.6 percent gain. Verizon, the only Dow stock to fall, dropped 1.16 percent. Investors bid up stock prices on the hopes that an economic rescue deal seemed close to being reached on Capitol Hill. Yet as of the market close on Tuesday, no definitive deal had yet been reached.
Whew!! Finally!! Let’s pray this continues. 🙂