Stocks drift up and down in tentative trading on Wall Street

South Korea Financial Markets

At 10:25 a.m. ET the Dow Jones Industrial Average was up 1,446.34 points, or 7.78%, at 20,038.27, the S&P 500 was up 152.18 points, or 6.80%, at 2,389.58 and the Nasdaq Composite was up 430.45 points, or 6.27%, at 7,291.13.

Congress and the White House did announce an agreement early Wednesday, with the Senate possibly voting on it in the afternoon. The Federal Reserve and central banks are also offering tremendous aid by cutting interest rates and supporting lending markets, but investors say they need to see the number of new infections peak before they can feel comfortable knowing how deep the looming economic downturn will be. Overall, more than 111,000 have recovered.

The broader S&P 500 gained 28.23 points, or 1.2%, to 2,475.56.

With fears of a global recession and corporate defaults running high, and expectations of a continued surge in cases of the illness caused by the new coronavirus in the United States, many investors remained reluctant to call an end to Wall Street's recent, staggering selloff.

With widening swaths of the economy shutting down and layoffs mounting, economists are sure a steep drop-off is coming. The blue chip June E-mini Dow Jones Industrial Average is at 20286, down 322 or -1.56% and the technology-based NASDAQ-100 Index is at 7379.50, down 175.25 or -2.32%. What's unsure is how long it will last.

"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.

But the market has also had a couple days within the last few weeks that packed entire years' worth of losses, including two days down 10.4%.

Investors are seeing USA and global equity indexes posting their first consecutive daily gains since just before the rout began a month ago, even as economies from Milan to Seattle reel from the deepening pandemic.

The benchmark S&P 500 is still almost $8 trillion below its mid-February high, and investors expect more sharp swings. Eastern time. Earlier in the morning, it was up as much as 2.2% and down as much as 1.6%. Royal Caribbean Cruises jumped 23%, but it's still down by 68.2% for the year. A 9.2% gain in Nike also boosted the Dow.

European markets initially jumped to strong gains, but they faded as the day progressed. France's CAC 40 rose 4.5% and Germany's DAX rose 1.8%.

Investors are hoping for Wall Street's first back-to-back gains in more than a month, one day after the Dow's biggest daily surge since the 1930s. Ten-year Treasury yields were steady.

The planemaker has lost more than two-thirds of its value so far this year as the health crisis crimped travel demand, forcing it to seek $60 billion in USA government loans for the aerospace industry.

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