Stocks Ended Sharply Higher, Dow Gained over 530 Points

U.S. stocks ended sharply higher on Wednesday after President Donald Trump announced his support for specific virus relief measures. The Dow Jones Industrial Average advanced 530.70 points, or 1.91%, to 28,303.46. The S&P 500 rose 58.50 points, or 1.74%, to 3,419.45. The Nasdaq Composite climbed 210.00 points, or 1.88%, to 11,364.60.

Oil futures settled lower on Wednesday, undermined by a weekly rise in U.S. crude-oil inventories and concern about demand given the muddled outlook for another round of fiscal stimulus by Congress in response to the COVID-19 pandemic. West Texas Intermediate crude for November delivery fell 72 cents, or 1.8%, to settle at $39.95 a barrel after trading as low as $39.28. December Brent crude shed 66 cents, or nearly 1.6%, to $41.99 a barrel.

The Federal Reserve released meeting minutes from its Sept. 15-16 meeting Wednesday afternoon, which shed more light on central bank officials’ concerns that the economic recovery might be curbed in absence of further support from Congress.