- The Washington Times - Wednesday, March 25, 2020

The relief rally on Wall Street continued Wednesday, with stocks jumping on the news of an agreement in the Senate on a $2 trillion economic stimulus bill to ease the impact of the coronavirus outbreak.

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. The S&P 500 rose 3.7%, and the Nasdaq climbed 2.1%.

On Tuesday, as the Senate neared an agreement and President Trump set a goal of reopening the economy by Easter, the Dow jumped more than 11%.

Low oil prices are still exerting downward pressure on the markets. Demand for energy products, especially jet fuel, is declining around the world.

Oil prices have fallen by more than 45% in March after the Organization of the Petroleum Exporting Countries and others, including Russia, failed to agree on extending production cuts beyond the end of the month.

Secretary of State Mike Pompeo spoke Tuesday with Saudi Crown Prince Mohammed bin Salman Al Saud about “the need to maintain stability in global energy markets amid the worldwide response” to the coronavirus, said State Department spokesperson Morgan Ortagus.

“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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