Stock market rallies as Pelosi, McConnell voice 'real optimism' over stimulus deal

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."