Stocks Opened Higher after $2 Trillion Stimulus

U.S. stocks opened higher after the White House and the Senate announced it reached a deal on a $2 trillion stimulus package designed to combat effects of the coronavirus. The Dow Jones Industrial Average lately rose 473.26 points, or 2.29%, to 21,178.17. The S&P 500 advanced 28.57 points, or 1.17%, to 2,475.90. The Nasdaq Composite climbed 42.77 points, or 0.58%, to 7,460.63.

Oil futures fell Wednesday, with worries about growing supply amid a price war between Saudi Arabia and Russia outweighing support from an agreement on a $2 trillion U.S. economic stimulus program. West Texas Intermediate crude for May fell 28 cents, or 1.2%, to $23.73 a barrel. May Brent crude was off 96 cents, or 0.9%, at $28.78 a barrel.

Senior lawmakers and members of the Trump administration early Wednesday came to an agreement on a $2 trillion stimulus measure to try to keep Americans whole as the economy shuts down due to the coronavirus. The package includes direct deposits for many Americans, $367 billion for loans to small businesses and an unprecedented program that will allocate $500 billion to the Treasury Department.