Stock futures slip after mega-rally carries Dow to best day since 1933

Stock futures were slightly weaker on Tuesday evening, following a day in which Wall Street bet big on Washington’s warring political factions coalescing around a $2 trillion stimulus package to combat the effects of the coronavirus.

Dow, Nasdaq and S&P 500 futures all dipped slightly after opening, as markets awaited word of a final bill in the Senate. In Tuesday’s regular session, stocks staged a monster rally, with the battered Dow Jones Industrial Average posting its best day since 1933 by rallying over 11% to close up by over 2,100 points.

A day earlier, a brutal sell-off virtually erased all of the gains made since President Donald Trump was elected. The S&P 500 Index had its strongest session since 2008, while the Nasdaq turned in its best performance in 7 days.

The damage — both economic and political — from COVID-19 has stoked a widening debate over how quickly the U.S. can return to a semblance of normalcy. With his re-election chances likely to be defined by a recovery from the crisis, President Donald Trump on Tuesday called for the economy to be restarted by April 12 — but market analysts have their doubts about that timetable.

Here’s how long its taken stocks to go from record peaks to a correction.

6:02 p.m. ET Tuesday: Stock futures ease

Futures for each of the three major indices dipped Tuesday evening as investors awaited news of a completed stimulus bill in the face of the escalating domestic coronavirus outbreak.

Here were the main moves in markets, as of 6:02 p.m. ET:

  • S&P 500 futures (ES=F): down 3.50 points to 2434.50

  • Dow futures (YM=F): down 27.75 points to 7531.00

  • Nasdaq futures (NQ=F): up 10 points to 20618

Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay

Source Article