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Wall Street rebounds from Monday's sell-off

Video Credit: Reuters Studio - Duration: 01:45s - Published
Wall Street rebounds from Monday's sell-off

Wall Street rebounds from Monday's sell-off

The Dow soared more than 1000 points, and the S&P 500 tacked on 6% Tuesday, a day after the steepest decline since the 1987 crash.

As Fred Katayama reports, the Fed took several steps to boost liquidity.

Stocks on Wall Street bounced back Tuesday in a volatile session that saw the Dow trade in a 1500 point range.

One day after stocks suffered their steepest declines since the 1987 crash, the Dow rose 5%.

The S&P 500 and Nasdaq added 6%.

Investors PICKED up stocks in defensive sectors like utilities, real estate and consumer staples.

Helping drive the markets higher: the Fed said it'll buy short-term corporate debt so companies can keep paying workers and buying supplies.

Separately, President Donald Trump announced a plan to send Americans $1,000 checks to ease the economic shock from the coronavirus crisis.

Tactical Income co-founder, Jeff Tomasulo, is an options trader.

SOUNDBITE: JEFF TOMASULO, CO-FOUNDER, TACTICAL INCOME, (ENGLISH) SAYING: "The Federal Reserve has done everything they could to try to add to liquidity so that there's money flowing, so banks can lend to businesses, and that's what they're trying to do.

It's more about making small businesses and people understand that there is an end here." Back on Wall Street, healthcare stocks were among the top gainers.

Pfizer signed a deal to jointly develop a potential coronavirus vaccine with Germany's BioNTech.

Regeneron Pharmaceuticals said it had identified antibodies to potentially treat the coronavirus.

The pandemic was a factor leading Standard & Poor's to downgrade Boeing's credit rating, reflecting its worsening cash flow.

Boeing shares tumbled, weighing on the Dow and S&P.

Despite the volatility, trading on Wall Street will continue: Amid speculation that the exchanges would shut down, the head of the Securities and Exchange Commission said the markets should stay open.




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