CNBC | PUBLISHED WED, OCT 7 2020 4:07 PM EDT

 

Dow Jones Industrial Average rallies 530 points

The Dow jumped 530.70 points, or 1.9%, to close at 28,303.46, for its best day since July. The S&P 500 advanced 1.7% to 3,419.45. The Nasdaq Composite closed 1.9% higher at 11,364.60. The major averages rallied after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could be passed by lawmakers.

Trump: Congress should move ‘immediately’

Trump said in a tweet: “The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business.” Trump also pushed for another round of $1,200 stimulus checks for Americans. Those comments helped stocks erased their losses from the previous session.

Airlines jump

United Airlines closed 4.3% higher and Delta gained 3.5%, getting a boost from Trump’s comments. The two stocks also got upgrades from a JPMorgan analystBoeing shared advanced 3.2%.

What happens next?

Weekly jobless claims data are set for release Thursday.

SOURCE : https://www.cnbc.com/2020/10/07/what-happened-to-the-stock-market-wednesday-stocks-rally-as-trump-pushes-for-airline-stimulus.html