By 11 a.m. EDT, the Dow Jones Industrial average had gained more than 400 points. The S&P 500 was up slightly and the Nasdaq had shed a few points.
The open follows a historic 2,100-point increase for the Dow on Tuesday, and a historic 8 percent gain for Japan’s Nikkei 225 index, its largest single-day gain since 2008. The Australian ASX index climbed more than 5 percent and Hong Kong’s Hang Seng index was up nearly 4 percent.
The surges were fueled mostly by news that the White House and Senate lawmakers agreed on a $2 trillion rescue package to stabilize the U.S. economy as the coronavirus crisis moves forward. The Senate is expected to vote on the bill when it reconvenes Wednesday, prompting more optimistic forecasts from prominent economists.
St. Louis Federal Reserve President James Bullard said the impact will be “unparalleled,” but short-term.
“Once the virus goes away and if we play our cards right and keep everything intact, then everyone will go back to work and everything will be fine,” he said.