Stocks jump 5% as hopes build for virus stimulus package

Business

Trader Michael Capolino works on the floor of the New York Stock Exchange, Thursday, March 12, 2020. Stocks are sharply lower after resuming trading as traders fear that not enough is being done to contain the economic damage from the coronavirus pandemic. (AP Photo/Richard Drew)

NEW YORK (AP) — Stocks are opening sharply higher on Wall Street Tuesday as hopes build that Congress will agree on a big coronavirus relief bill.

That would follow more aggressive steps from the Federal Reserve announced a day earlier to support lending and bond markets.

Major U.S. indexes jumped more than 5% in the first few minutes of trading, and European and Asian markets also surged.

The lurch higher was the latest dizzying move for markets, which are still down by more than a third from their record highs reached a month ago as the economic damage from the coronavirus becomes more and more severe.

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