Stocks Opened Higher after Trump Considered Stimulus Measures

U.S. stocks opened higher on Tuesday, boosted by assurances from the White House that stimulus measures could be on the way. The Dow Jones Industrial Average lately advanced 713.37 points, or 2.99%, to 24,564.39. The S&P 500 was up 75.95 points, or 2.77%, to 2,822.51. The Nasdaq Composite climbed 200.60 points, or 2.52%, to 8,151.27.

Crude oil prices staged a rebound on Tuesday after President Donald Trump said that the White House and Congress would meet to consider a ‘very substantial’ economic relief measures to combat the coronavirus. West Texas Intermediate crude for April delivery rose $3.09, or 9.9%, to $34.22 a barrel. May Brent crude rose $2.82, or 8.2%, to $37.18 a barrel.

President Donald Trump said in a White House news conference that he would seek payroll tax relief and other measures to help businesses deal with the coronavirus outbreak. Trump said he would announce more details Tuesday, and discuss “a possible payroll tax cut or relief, substantial relief, very substantial relief, that’s big, that’s a big number,” the Associated Press reported.