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Stocks have first back-to-back gains since sell-off began

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers
NEW YORK (AP) -- Stocks are closing higher on Wall Street Wednesday but gave up much of an afternoon rally after CNBC reported that a dispute between Sen. Bernie Sanders and Republicans over unemployment aid could cause the coronavirus aid bill to be delayed.

The S&P 500 rose 1.2% after being up 5.1% earlier on hopes the package would be passed soon.

It was the first back-to-back gain since the outbreak set off a brutal sell-off five weeks ago.

The market is down by about a quarter from its record high set last month.

Investors expect markets to remain volatile until the number of new cases peaks.


By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers
NEW YORK (AP) -- Stocks are leaping to more big gains on Wednesday, as Congress moves closer to approving a $2 trillion rescue plan for the economy.

The S&P 500 was up more than 3% in afternoon trading and was on track for its first back-to-back gain since the coronavirus outbreak set off a brutal sell-off five weeks ago.

The big gains mean the stock market is now down by about a quarter from its record high set last month after earlier being down by more than a third.

For all the optimism, investors still expect markets to remain volatile until the number of new cases peaks.


By STAN CHOE
AP Business Writer
NEW YORK (AP) -- Stocks are moving tentatively higher in early trading on Wall Street Wednesday after Congress and the White House reached a deal to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus.

The S&P 500 is up slightly in the first few minutes of trading. If the gain holds, it would be the first back-to-back increase for the index since the market's sell-off began last month.

The Dow rose 1%, a day after surging 11.4%. Investors say market volatility is likely to continue both up and down until the number of new coronavirus cases peaks.


By ELAINE KURTENBACH
AP Business Writer
BANGKOK (AP) -- Japan's Nikkei 225 has surged 8% and other world markets also largely rose after Congress and the White House reached a deal to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus.

The advances Wednesday followed the best day since 1933 for the Dow Jones Industrial Average, which rocketed 11.4% higher on Tuesday. Wall Street futures were subdued, suggesting a cautious start to trading.

The recent gains were a respite from a brutal month of nearly nonstop selling. But with cases of the virus still climbing, investors are leery of saying markets have hit bottom.

Associated Press

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