Stocks jump 5% as hopes build for coronavirus stimulus package

Coronavirus
Andrew Silverman

FILE – In this Tuesday, Aug. 13, 2019, file photo trader Andrew Silverman works on the floor of the New York Stock Exchange. The threat of a recession doesn’t seem so remote anymore, and stocks sank Wednesday after the bond market threw up one of its last remaining warning flags on the economy’s health. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Stocks are opening sharply higher on Wall Street Tuesday as hopes build that Congress will agree on a big coronavirus relief bill.

That would follow more aggressive steps from the Federal Reserve announced a day earlier to support lending and bond markets. Major U.S. indexes jumped more than 5% in the first few minutes of trading, and European and Asian markets also surged.

The lurch higher was the latest dizzying move for markets, which are still down by more than a third from their record highs reached a month ago as the economic damage from the coronavirus becomes more and more severe.

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