The Dow Jones Industrial Average surged on Tuesday morning as an agreement on Congress' coronavirus stimulus package appeared imminent.
The Dow climbed more than 1,300 points, and the S&P 500 was up 6.7 percent. Treasury Secretary Steven Mnuchin said Monday that President Trump was "hopeful" an agreement on the economic stimulus bill responding to the COVID-19 coronavirus pandemic could be reached by today, The Hill reports. Mnuchin's comments followed negotiations with Senate Minority Leader Chuck Schumer (D-N.Y.).
Last week, the Dow fell below 19,732 points, erasing all of the gains made during Trump's presidency. On Monday, it closed 582 points lower as Democrats again blocked the $1.8 trillion "phase three" economic stimulus bill.
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On Tuesday morning, House Speaker Nancy Pelosi (D-Calif.) told CNBC "there is real optimism that we could get something done" in the next couple of hours, while Senate Majority Leader Mitch McConnell (R-Ky.) said, "I believe we're on the five-yard line. ... We are very close."
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