NEW YORK (AP) – Stocks rallied Tuesday as President Donald Trump promised he’s “going big” with plans to prop up the economy through the coronavirus outbreak. The White House’s proposal could approach $1 trillion.
A growing number of investors sees a recession as likely if not already here. The Federal Reserve also announced its latest emergency move to get markets running more smoothly. The S&P 500 climbed 6% to claw back a little less than half of its historic loss from the day before. Many professional investors expect the market’s big swings in both directions to continue until health experts get the new coronavirus in check.
Ahead of an expected surge in coronavirus cases, President Donald Trump is moving to blunt the impact of the pandemic on the U.S. economy, fundamentally altered by a push for a nation to stay home.
The president conferred with tourism executives as well as restaurant leaders, retailers and suppliers. His administration is expected to propose a roughly $850 billion emergency economic stimulus to address the free-fall . On Tuesday, the president again urged Americans to follow sweeping guidelines for older residents to stay home, while all people should avoid gatherings of more than 10 and their local restaurants and bars.
