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Stocks - Dow Cuts Gains as Jostling on Capitol Hill Threatens Stimulus Delay

Stock MarketsMar 25, 2020 04:19PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow notched its first back-to-back wins for the first time in more than two months, despite giving up lots of its gains in late selling Wednesday as lawmakers tussled on Capitol Hill over the U.S. $2 trillion coronavirus stimulus package, denting hopes of a speedy rollout.

The Dow rose 2.39%, or 495 points, marking its second-straight session of gains for the first time since Feb. 5-6. The Dow had been up more than 1,000 points intraday. The S&P 500 rose 1.15 %, but the Nasdaq Composite fell 0.45%.

Events of Capitol Hill continued to dominate direction as ongoing disagreements over the provisions included in the stimulus package threatens fast-track voting.

Three Republican U.S. Senators, Tim Scott, Lindsey Graham and Ben Sasse said in a joint statement that legislative language included in the bill encouraged layoffs and would need fixes, Reuters reported.

But Sen. Bernie Sanders reportedly has threatened to hold up the vote on the bill and demand new restrictions on companies receiving bailouts unless the three Republican Senators drop their objections to unemployment insurance expansions, Jeffrey Stein at the Washington Post reported.

Companies that take a loan through the stimulus package, however, will be restricted from buying back their stock until one year after the loan is repaid and also will not be allowed to pay any dividends if their loan is outstanding, CNBC reported.

The rally on Wall Street was led by a standout performance from Boeing (NYSE:BA), up 24%, as investors anticipate virus-hit sectors like aviation will be rescued by the government. Boeing's surge accounted for 210.6 points of the Dow's rally today.  

Energy, meanwhile, was also in demand, driven by a 2% rise in oil prices as U.S. stimulus hopes have helped to offset concerns about falling demand amid the outbreak.

In tech, meanwhile, chip stocks gave back some of their gains from a day earlier, falling 1.6%, paced by a slump in Qualcomm (NASDAQ:QCOM), Micron Technology (NASDAQ:MU) and Xilinx (NASDAQ:XLNX).

Micron jumped in after-hours trade, however, after the chipmaker topped second-quarter revenue and earnings estimates.

Apple (NASDAQ:AAPL) fell 1% amid reports the company is preparing for a potential delay of its 5G iPhone lineup expected to be launched this autumn, Nikkei Asian Review reported, citing sources.

 

Stocks - Dow Cuts Gains as Jostling on Capitol Hill Threatens Stimulus Delay
 

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Comments (31)
Adam Anderson
Adam Anderson Mar 26, 2020 12:50AM ET
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Let's stop calling it capitalism. When these markets are always manipulated we can't call it anything other than a casino that just wants to keep the lights on.
Chris Sundo
Chris Sundo Mar 26, 2020 12:20AM ET
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goes to show how the algos or so-called 'investors' drive the market up for nothing but hot air .. what a mess. VERY UNRELIABLE. VERY BOGUS
john richards
john richards Mar 25, 2020 9:32PM ET
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Some chance of conflict coming when Trump declares all clear in some areas and the corresponding Dem governor/mayor etc.....clings to the last visages of WuFlu. I am looking for action from anyone who wants to bet on the WHO mortality rate, total US infections, total US deaths-they're only off by a factor of a 100 or two decimal points-closer than usual.
Trumpster Rocks
Trumpster Rocks Mar 25, 2020 9:01PM ET
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Let's face it. It's the Dem-s that did this too us by closing down All the states they (jokingly Govern).... And now they are bank rupting the country if they can !
Midway Eholdings
Midway Eholdings Mar 25, 2020 8:22PM ET
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Obama let the banks buy on the low then fixed it higher. Same thing here?
Stacy Starner
Stacy Starner Mar 25, 2020 8:22PM ET
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Obama what a joke
Nathan Bokan
Nathan Bokan Mar 25, 2020 8:22PM ET
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Obama? Lmao thanks for the laugh
Trumpster Rocks
Trumpster Rocks Mar 25, 2020 8:22PM ET
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Stacy Starner The Great Nothing(obama hated USA!
Izreel James
Izreel James Mar 25, 2020 8:22PM ET
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Say his name again... maybe he’ll show up to save the day
Trumpster Rocks
Trumpster Rocks Mar 25, 2020 8:22PM ET
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Izreel James Maybe Mo-chelle too?
Deepak Mangtani
Deepak Mangtani Mar 25, 2020 8:12PM ET
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Well played, they tried to show that the bill was on verge of getting approved, and than delayed it, and again a lot of ppl fell for it. Same thing will happen tommorow, ppl will buy on hopes that bill will be passed, and wen it doesn't dere will be a stampede, taking a lot of investors down. It's just a strategy to take the markets as high as possible. Now if they do the same thing tommorow, again market will gain, and than fall. Ultimately tho, market will gain wen the bill is passed for 2 days max, before the reality strikes again
Stacy Starner
Stacy Starner Mar 25, 2020 8:12PM ET
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What tne media running this i. The ground corona what a joke tha ks media ridiculous qucker catch of tne flu 🙄
Ramana Murthy
Ramana Murthy Mar 25, 2020 8:07PM ET
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Stocks soaring for no real reason. wait to unemployment report comes tomorrow.
Ron Warren
Ron Warren Mar 25, 2020 8:07PM ET
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I'm really not sure that the jobs report will matter. There's no surprise. We all know it's coming and it's temporary.
Nathan Bokan
Nathan Bokan Mar 25, 2020 8:07PM ET
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Ron Warren yeah it does cause if more than half of the people in america are unemployed than we are screwed and things will just start going dowhill for the economy from there
jemin An
jemin An Mar 25, 2020 8:05PM ET
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What is the real of stimulus pak? It's giving free lunch to people, and focus on put Big money in bankruptcy companies that most of them need to repricing anyway. It's totally unfair, anti market policy
David David
David9 Mar 25, 2020 6:53PM ET
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Hurry up... I want my money now.
Roger Hogan
Roger Hogan Mar 25, 2020 6:53PM ET
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You going to line up for reparations too?
Roger Hogan
Roger Hogan Mar 25, 2020 6:53PM ET
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Roger Hogan or you dont support that...
David David
David9 Mar 25, 2020 6:53PM ET
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Lol... I thought you live in the province of Taiwan or was a Hong Kong Rioter. Looks like you are after the money too.
Trumpster Rocks
Trumpster Rocks Mar 25, 2020 6:53PM ET
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Do you even Work David? I doubt it!
Viktor Delacroix
Viktor Delacroix Mar 25, 2020 6:38PM ET
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it is not too late to vote for Bernie Sanders .
Show previous replies (1)
Viktor Delacroix
Viktor Delacroix Mar 25, 2020 6:38PM ET
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LOL,it won't be needed.
Trumpster Rocks
Trumpster Rocks Mar 25, 2020 6:38PM ET
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A socialist or a Dementia Quid pro joe? They both S- uck!
Hs Sh
Hs Sh Mar 25, 2020 6:38PM ET
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yeah impeach Trump who has no idea even what covid-19 is. just dancing to different tunes everyday.
Hs Sh
Hs Sh Mar 25, 2020 6:38PM ET
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it's all Trump's fake stock boosting is what stuck. profit over people is what *******
Trumpster Rocks
Trumpster Rocks Mar 25, 2020 6:38PM ET
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Hs Sh You need a history lesson Nancy! Obama took 6 months to respond to the Swine Flu and only after 1000's in the USA had already died . Fact Jack! Here's another fact, Trump Closed down Flighs out of China 3 wks after China let the news out of the bag! Fact Jack! So cling on to your Nothing of a P and Mo-chelle too if you are high on him also...Cnn ruins all minds. You learn No Truth ever.
Muhamed Jaffir
Muhamed Jaffir Mar 25, 2020 6:10PM ET
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all the positive trend is a manufactured rally and people taking profits. huge swings benefit traders, while people with their retirement in vanguard or fidelity can't take advantage due to the nature of how mutual funds trade.
Suheyb Abdi
Suheyb Abdi Mar 25, 2020 5:11PM ET
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tommorow Dow opening buy or sell?
Mohan Iyer
Mohan Iyer Mar 25, 2020 5:11PM ET
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Jump over the bridge
Junk Man
Junk_Man Mar 25, 2020 5:11PM ET
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Short squeeze for 2 days... Fade the rally
cat dog
cat dog Mar 25, 2020 5:03PM ET
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throwing money at it only helps if it creates jobs where needed, and it success all depends on how to deal with all the bureaucracy of educations and have a skilled work force.
Izreel James
Izreel James Mar 25, 2020 5:03PM ET
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Jobs that people will have to work; on the other hand, not putting the people first, bailing out big corporations who caused this supply side market failure, to save big companies who will have a lot of open positions for sick people to fill if we get back to work ASAP via Presidents request.....🏆genius
Four Blue
Four Blue Mar 25, 2020 5:01PM ET
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No joke never thought id say this but i agree with bernie sanders on this one.
Trumpster Rocks
Trumpster Rocks Mar 25, 2020 5:01PM ET
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You do? Well move to Communist China then! They are looking for your kind. Bernie would bankrupt the country littlerally which i'm sure is his goal.
ottin nerner
ottin nerner Mar 25, 2020 5:00PM ET
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while the whole world is chaos, some people just doing there grandstanding....
Raymond Pasillas
Raymond Pasillas Mar 25, 2020 5:00PM ET
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Walmart is busy. The virus is spreading there. Let's get back to work.
Jon Bal
Jon Bal Mar 25, 2020 4:59PM ET
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unemployment claims are gonna be the fireworks
Mark Henline
Mark Henline Mar 25, 2020 4:59PM ET
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planned of course..
Mark Henline
Mark Henline Mar 25, 2020 4:59PM ET
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stop the pork barrel..no bail outs
ABI BRC
ABIJ Mar 25, 2020 4:58PM ET
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Hello...we are still in the early days of the corona virus infection and hence a couple of jumps in the stock market cannot be considered to be the emergence of a positive trend for the market. The virus is very difficult to control and those in their 50's and above are more susceptible to contract this infection due to their less immunity power. Even if US manages to control this infection (which will take atleast 1 more month considering the fact that China took around 3-4 months), there are every chances of the infection spreading again once the airline resumes their functioning. So, unless most of Europe and Asia recovers to a substantial level, there is no guarantee for the arrest of the infection. So, I believe that one should not jump into buying stocks now. Markets will still see some more pain. Have patience, identify and keep an eye on your prey, so that when the time comes, you would not have to think twice in buying that stock.
Edward Chong
Edward Chong Mar 25, 2020 4:58PM ET
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well written. hope your views will be on everyone's mind.
ABI BRC
ABIJ Mar 25, 2020 4:58PM ET
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Edward Chong Hi Edward, China was able to control it in 3-4 month's time due to imposition of strict rules and regulations on it's citizens (more like that of a Dictator kind). Even the foreign embassies of different countries were strictly quarantined. The question is as to whether this is possible in other European countries and in the US. The answer is "no". Hence, we cannot imagine the offshoots of this infection right now and hence it is difficult to predict the number of people who are going to be affected. If the country remains in lockout for longer period (which seems to be the only way to contain the infection right now in absence of any vaccine or exact medication), the economy is going to suffer miserably, the worst of it's kind in the history. Stay safe, stay indoors .... that's the only "mantra" for staying alive....
Ogün Doğan Özata
Ogün Doğan Özata Mar 25, 2020 4:55PM ET
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were you thinking that a 2 trillion dollars of debt plan going to be accepted that easily? think again!
Bridgett Barber
Bridgett Barber Mar 25, 2020 4:48PM ET
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anyone who invests in Boeing knows that yesterday company said it would not take money if government would have interests in it.
Mark Henline
Mark Henline Mar 25, 2020 4:48PM ET
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that's a lie
Mark Henline
Mark Henline Mar 25, 2020 4:48PM ET
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all lies n deceit
Amir Waqas
Amir Waqas Mar 25, 2020 4:47PM ET
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Tomorrow Nazdaq opening buy or sell ?
Amir Waqas
Amir Waqas Mar 25, 2020 4:47PM ET
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Amir Waqas
Amir Waqas Mar 25, 2020 4:47PM ET
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two amswer
Nancy Lynn
Nancy Lynn Mar 25, 2020 4:46PM ET
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coronavirus is not a political issue it affects everyone.
Phil Ht
Phil Ht Mar 25, 2020 4:34PM ET
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Find out shobin congess is shorting the market lately.
Andrew carson
Andrew carson Mar 25, 2020 4:34PM ET
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The Dems holding everything up again while the rest of us sit here and think about our life as we used to know it.
Izreel James
Izreel James Mar 25, 2020 4:34PM ET
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Actually politicians loyalty to big corporations is holding everything up.
 
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