Dow gains 300 points as investors weigh government plans to shield economies from coronavirus fallout
- US stocks climbed on Friday, extending gains from the prior session.
- Investor confidence has been boosted by efforts from governments and central banks to prop up major economies, shield jobs, and provide liquidity to markets amid the coronavirus pandemic.
- Oil continued to gain after its record-breaking rebound Thursday.
- Read more on Business Insider.
US stocks climbed on Friday, continuing gains from Thursday. The gains come as investor confidence rebounds amid government actions designed to curb the spread of coronavirus and protect economies around the world.
The White House is working towards finalizing the details of a potential $1 trillion stimulus package to prop up the US economy, while the Federal Reserve has introduced many emergency measures from its toolkit to provide liquidity to markets reeling from the pandemic.
Here's where major US indexes stood shortly after the market open at 9:30 a.m. ET on Friday:
- S&P 500: 2,440.76, up 1.3%
- Dow Jones industrial average: 20,391.02, up 1.5% (304 points)
- Nasdaq composite: 7,311.41, up 2.3%
Oil slid after rallying on Thursday, when it had its best single-day performance ever. The US dollar has also weakened against a basket of currencies, snapping a rally that's been sparked by investors rushing to the greenback for safety and liquidity.
Still, uncertainty remains. On Thursday, US jobless claims came in higher than expected, sparking fear that the worst is yet to come as the pandemic continues. There have also been some calls to halt global markets amid the pandemic, although Treasury Secretary said Tuesday during a press conference at the White House that "everyone wants them open."