The stock market rebounded with Wednesday’s closing bell as investors reacted to the White House’s mixed messaging regarding additional stimulus for Americans, airlines and small businesses.
At market close, the Dow Jones industrial average closed up 530 points, or 1.9 percent. The S&P 500 index closed up 58 points, or 1.7 percent, while the tech-heavy Nasdaq composite closed up 210 points, or nearly 1.9 percent.
In the span of 24 hours, U.S. stocks have dipped into volatility as investors reacted to President Trump’s initial Tuesday announcement via Twitter that he would push back negotiations for congressional stimulus aid until after the Nov. 3 presidential election. But he walked back on parts of that claim later that night, saying he would immediately sign bills to distribute an additional stimulus aid to individual Americans, airline companies and small businesses.
Trump’s tweeted promise seemed to restore hope in airline stocks after yesterday’s slide. American Airlines and United Airlines both closed up 4.3 percent, Delta Air Lines was up 3.4 percent, Southwest Airlines was up 2.6 percent. Spirit Airlines Inc. shares were up 5.1 percent and JetBlue Airways ballooned up nearly 6.8 percent by the closing bell.
On Wednesday, Business Roundtable issued a joint statement from the organization’s chief executives calling on the Trump administration and Congress to negotiate additional aid.
“Millions of American workers, families and businesses are suffering from the economic and health impacts of the COVID-19 pandemic and need the support of their government. Communities across the country are on the precipice of a downward spiral and facing irreparable damage,” the statement reads. “Failure to reach a deal on additional relief would worsen and prolong the crisis for our country.”