Dow, TSX open sharply higher as investors grasp at stimulus hopes

Wall Street roared back to life on Tuesday, rebounding from the brink of bear market confirmation as bargain hunting and hopes of government stimulus calmed investors’ fears surrounding the coronavirus and growing signs of imminent recession.

The Dow Jones Industrial Average rose 1,167.14 points, or 4.89 per cent, to 25,018.16, the S&P 500 gained 135.67 points, or 4.94 per cent, to 2,882.23 and the Nasdaq Composite added 393.58 points, or 4.95 per cent, to 8,344.25. The TSX was up 443 points at 14,958.

The S&P 500 rallied 4.9 per cent as investors digested a trickle of news that President Donald Trump and his team are looking at measures including cutting payroll taxes and aiding ailing businesses like airlines and cruise operators. Stocks whipsawed throughout another wild day on Wall Street, wiping out a gain of 3.5 per cent to turn negative before a furious rally in the final two hours

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In blow to ex-attorney general Sessions, Trump endorses challenger in Alabama By Reuters

WASHINGTON (Reuters) – In a blow to former attorney general Jeff Sessions’ attempt to reclaim his seat in the U.S. Senate, President Donald Trump on Tuesday endorsed his challenger for the Republican nomination in Alabama, Tommy Tuberville.

“He will be a great Senator for the people of Alabama. Coach Tommy Tuberville, a winner, has my Complete and Total Endorsement,” Trump wrote in a post on Twitter.

As a senator from 1997 to 2017, Sessions was an early congressional backer of Trump’s bid for the 2016 Republican presidential nomination.

Trump, a businessman turned reality television personality, was considered a long shot in the race. After his surprise victory, he named Sessions the attorney general of the United States, the nation’s top law enforcement official.

Although the two were closely aligned on Republican priorities for his presidency, Trump soured on his onetime ally after Sessions recused himself from overseeing the FBI’s probe

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Stock market today: A sharp rise in more turbulent trading due to Coronavirus

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