Stock markets around the world saw their best day of trading for weeks on Tuesday as the US nears finalising a relief package worth $1.8 trillion.
The Dow Jones index experienced its biggest daily increase since 1933 with an 11.4% rise. The S&P 500 and UK’s FTSE 100 saw prices rises more than 9%, which was their best day since the financial crisis in 2008.
In Europe, Germany’s Dax market jumped nearly 11% and France’s Cac 40 saw an 8.4% increase. The positivity following Asia on Wednesday morning. Japan’s Nikkei index rose 7% – its biggest daily rise for four years – and South Korea’s main market climbed 8.6%. In China, where restrictions in Hubei Province have now been eased, shares were up 3%.
Although new figures suggested business activity in the US and eurozone dropped to their lowest levels in history in March, US congressional leaders said an agreement was close on its economic relief and bailout package worth $1.8tn. The Federal Reserve has already pledged to ramp up its purchasing of government debt and increase lending directly to businesses.
On Tuesday, US President Donald Trump also said he hopes restrictions on public gatherings can be eased by Easter.