US Stocks Struggle Early after Tuesday's Overcooked Rally

US stocks soar with stimulus vote in sight

The Federal Reserve and other central banks are also offering tremendous aid by cutting interest rates and supporting lending markets, but investors say they need to see the number of new infections peak before they can feel comfortable knowing how deep the looming economic downturn will be. Wall Street also teetered though it mostly remained more than 1% higher. The Nasdaq dipped 0.45%, however. Boeing shares rallied 24% to lead the Dow higher.

Nike NKE.N gained 12% after beating quarterly revenue estimates and reporting rebounding sales in China.

"The stimulus measures will continue acting as equity tailwinds as they seep into corners of the credit market presently locked", said Adam Crisafulli, founder of Vital Knowledge, in a note.

Market benchmarks in Tokyo and Shanghai declined.

Stocks came off their highs in the final minutes of trading after Sen. Bernie Sanders threatened to hold up Congress' $2T economic stimulus package.

A day after its single biggest point gain in history, the Dow Jones Industrial Average rose more than 1,100 points, or 5.3%, by midday.

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Hopes that an incoming $2 trillion US fiscal stimulus will ease the economic devastation caused by virus lockdowns lifted world equity indexes for a second day after historic gains on Tuesday, but investors refrained from calling a bottom.

USA stocks struggled to continue their midweek rally Wednesday even after Congress and the White House agreed on a massive stimulus package to address the coronavirus pandemic. "In effect, this is a war-time level of investment into our nation".

Despite hopes surrounding the stimulus, James Bullard of the St. Louis Federal Reserve Bank told reporters that he expects jobless claims to surge and said the US won't resume normal life until people feel safe. Bernanke added the current situation is "much closer to a major snowstorm" than the Great Depression. "For it to become a bottom, you would need to see much better news coming out on the health care side of this". What's unsure is how long it will last. "So to see a sustainable rally at this point, is going to be very hard".

Over 450,000 people have been infected globally and more than 20,000 have died, according to a Reuters tally. In the US, more than 55,000 cases have been confirmed along with over 69,000 in Italy.

Apple Inc fell late in the session, closing down 0.55% after Nikkei reported the company could delay the launch of an iPhone with 5G wireless technology. He noted, however, the number of new cases in Westchester County has started decreasing.

"The secretary stressed that as a leader of the G20 and an important energy leader, Saudi Arabia has a real opportunity to rise to the occasion and reassure global energy and financial markets when the world faces serious economic uncertainty", she said.

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