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Dow has best day since 1933 as Congress nears deal on coronavirus aid

In this image provided by Robert Moran, Robert Moran, Managing Director at Mark J. Muller Equities, Inc., who normally works on the New York Stock Exchange trading floor, works in his home office in Millstone Township, N.J., Tuesday, March 24, 2020, because the floor is temporarily closed. Stocks are jumping in morning trading on Wall Street Tuesday amid expectations that Congress is nearing a deal on a big coronavirus relief bill. (Courtesy Robert Moran via AP)
In this image provided by Robert Moran, Robert Moran, Managing Director at Mark J. Muller Equities, Inc., who normally works on the New York Stock Exchange trading floor, works in his home office in Millstone Township, N.J., Tuesday, March 24, 2020, because the floor is temporarily closed. Stocks are jumping in morning trading on Wall Street Tuesday amid expectations that Congress is nearing a deal on a big coronavirus relief bill. (Courtesy Robert Moran via AP) In this image provided by Robert Moran, Robert Moran, Managing Director at Mark J. Muller Equities, Inc., who normally works on the New York Stock Exchange trading floor, works in his home office in Millstone Township, N.J., Tuesday, March 24, 2020, because the floor is temporarily closed. Stocks are jumping in morning trading on Wall Street Tuesday amid expectations that Congress is nearing a deal on a big coronavirus relief bill. (Courtesy Robert Moran via AP)

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA / Associated Press Business Writers 5 min read

NEW YORK (AP) – The Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal on Tuesday to inject nearly $2 trillion of aid into an economy ravaged by the coronavirus.

The Dow burst 11.4% higher, while the more closely followed S&P 500 index leapt 9.4% as a wave of buying around the world interrupted what has been a brutal month of nearly nonstop selling. Despite the gains, investors were far from saying markets have hit bottom. Rallies nearly as big as this have punctuated the last few weeks, and none lasted more than a day.

Both Democrats and Republicans said Tuesday they’re close to agreeing on a massive economic rescue package, which will include payments to U.S. households and aid for small businesses and the travel industry, among other things. A vote in the Senate could come Wednesday.

Investors have been waiting in frustration for such aid, particularly as the Federal Reserve has done nearly all it can to sustain markets, including its latest round of extraordinary aid launched Monday.

“I don’t think there’s any more confidence in the fundamental outlook, but the fact that we’re making progress is good news,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management. “It’s sort of like, keep the patient alive in the emergency room so you can provide some treatment options.”