UPDATED at market close: Markets rallied Tuesday after a tentative start buoyed by a broad package of economic stimulus put forth by the Trump administration to help people weather the coronavirus impact.
The DJIA ended up over 1,000 points or nearly 5%.
Winners include Netflix and Amazon, both up 7%; Comcast and Sony, both up 6%. Discovery was up more than 4%.
Disney struggled, ending down 1.54%. ViacomCBS fell 6.4%.
In the hard hit exhibition sector, AMC Entertainment ended off its lows, down only 4.8%. But Imax plunged 21% and Cinemark crashed by 31%. National Cinemedia was down 13%.
Treasury Secretary Steven Mnuchin said the president wants to “give cash now” to the public and is discussing measures to do so over the next two weeks. He also said the administration might consider shortening the hours of an extremely volatile market.
PREVIOUS: The market opened higher Tuesday after a nail-biting night on the futures market and following a massive selloff the day before with increasingly widespread restrictions and closures across the country to prevent the spread of the coronavirus. Monday was the worst day for the markets since 1987 crash.
The Dow opened up 2% but lost ground almost immediately. It was barely up – 0.1% – after a half hour.
The Trump administration is looking to ask Congress for and $850 billion stimulus package today – which would include $50 billion for the airline industry.
Entertainment stock were mixed with exhibition having another down day after thousands of theaters closed. AMC Entertainment was down 22%, Cinemark 15% and Imax 9%.
Disney was also struggling to see positive territory, off 2.5%. ViacomCBS was down 5.5%.
Stocks with some bounce included Comcast, up 2%; Charter up 1.8%; AT&T up 1.5%.
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