Stocks Roared at Open, Dow Surged over 1,200 Points

U.S. stocks surged at open on Tuesday, as market participants anxiously awaited further fiscal stimulus measures from policymakers to combat the economic fallout from the coronavirus pandemic. The Dow Jones Industrial Average lately rose 1,274.23 points, or 6.85%, to 19,866.16. The S&P 500 advanced 142.15 points, or 6.35%, to 2,379.55. The Nasdaq Composite climbed 400.92 points, or 5.84%, to 7,261.59.

Oil futures saw strong gains Tuesday, with the U.S. benchmark extending a bounce off 18-year lows a day after the Federal Reserve unveiled a historic round of monetary stimulus and investors remained upbeat about prospects for a congressional approval of a massive fiscal stimulus package.

West Texas Intermediate crude for April delivery CL.1, 4.495% rose $1.09, or 4.7%, to $24.45 a barrel on the New York Mercantile Exchange. May Brent crude BRN.1, 4.218%, the global benchmark, rose $1.08, or 3.7%, to $30.37 a barrel on ICE Europe.

Late Tuesday, House Speaker Nancy Pelosi unveiled a $2.5 trillion coronavirus economic rescue package as a countermeasure to the Senate’s polarized debate.