Waiting for the package of US $ 2,000 billion, US stocks increased the most in nearly 90 years
US stock prices soared in the trading session on March 24 after information that the US Congress is about to approve a $ 2,000 billion bailout against Covid-19.
According to Business Insider, the Down Jones index soared 11.4% to 20,704.91 points. This is the strongest increase of Dow since 1933. Meanwhile, the S&P 500 and Nasdaq also increased by 9.4% and 8.1% respectively.
The market prospered shortly after US House Speaker Nancy Pelosi told CNBC that the US Congress could pass the stimulus package within the next few hours.
Subsequently, Senator Chuck Schumer – leader of the Senate minority faction – also said the Democratic and Republican negotiations over the rescue package had reached a last minute.
Principal Global Investors strategist Seema Shah said it is likely the US Congress will approve a rescue package this week. From now until that time, the market will continue to prosper.
On the morning of March 24, the Washington Post reported that Senate leaders were close to reaching a consensus on a $ 2,000 billion economic bailout package. Treasury Secretary Steven Mnuchin is also optimistic about the possibility of the bailout.
In Asia, stock prices also increased sharply in the morning trading on 25/3. According to CNBC, the Nikkei 225 and Topix in Japan increased by 5.44% and 5.28% respectively.
The Kospi index (South Korea) jumped to 4.58% while the Hang Seng (Hong Kong) index inched up 3.3%. Green also returned to Chinese markets, with Shanghai and Shenzhen index increasing 2% and 2.54% respectively.
In Australia, the S&P / ASX 200 index increased by 3.23%. In general, MSCI Asia-Pacific stock index (except for Japan) increased by 3.32%.