Stocks Ended Higher on Trump Stimulus Plan

U.S. stocks ended sharply higher on Tuesday, as the Trump administration called for around $1 trillion in fiscal stimulus in response to the COVID-19 pandemic. The Dow Jones Industrial Average rose 1,048.86 points, or 5.20%, to 21,237.38. the S&P 500 advanced 143.06 points, or 6.00%, to 2,529.19. The Nasdaq Composite gained 430.19 points, or 6.23%, to 7,334.78.

Oil futures declined Tuesday, as traders focused on expectations for a massive hit to demand from the global spread of COVID-19, and an increase in supply as Russia and Saudi Arabia engage in a global price war. West Texas Intermediate crude for April delivery fell by $1.75, or 6.1%, to settle at $26.95 a barrel. May Brent crude lost $1.32, or 4.4%, at $28.73 a barrel.

The Trump administration discussed further measures to help the American people and companies most hurt by the fall-out from the coronavirus pandemic, which may top $1 trillion. The U.S. government has also underscored a willingness to provide at least some aid to individuals and corporations most affected by the outbreak to soften the blow to the economy as much as possible.