India markets close in 6 hours 11 minutes

Trump Reportedly Holds Call With Fund Managers on Economy, Fed; Dow Rises

By Yasin Ebrahim – Wall Street continued to flirt with session highs on Tuesday as investors digested a report that President Donald Trump is hopeful of getting the economy back up and running as soon as Easter following a call with Wall Street fund managers on potential measures the Federal Reserve could take to stem the fallout from the Covid-19 outbreak.

The Dow jumped 9.32%, theS&P 500 gained 7.87% and the Nasdaq Composite added 6.80%.

Trump and Vice President Mike Pence fielded a call with investors and hedge fund managers about the coronavirus impact on the economy, and markets, CNBC reported. The president also discussed further measures the Fed could implement to support industries that are feeling pressure as several states nationwide go into lockdown.

Against growing fears the U.S. is set for an ugly recession, Trump said he would love to have the country open and "raring to go" by Easter (April 12) despite the ongoing pandemic, which has infected nearly 50,000 in U.S. and killed more than 650 people.

Ahead of the close, investors continue to watch for any sign of the progress on Capitol Hill as U.S. lawmakers thrash out a deal on a the coronavirus rescue package, which includes measures to support the economy such as tax breaks, checks and bailouts for big businesses hurt by the outbreak. Measures to backstop payrolls have reportedly also been included the package as both sides of the political aisle continue negotiations. 

  Voting on the bill in the Senate reportedly is unlikely to take place on Tuesday night, but The White House is hopeful to have an agreement in principle by Wednesday "sunset,"  CNBC reported.

Related Articles

Citigroup will temporarily close up to 15% of branches

Boeing CFO says markets essentially closed to new debt

As customers hoard pot brownies, North American weed firms see lockdown boost