(CNBC) -- The Dow Jones Industrial Average jumped more than 13% in two days as a coronavirus stimulus deal was passed by Congress. Positive comments from New York Gov. Andrew Cuomo and a former Federal Reserve chief also lifted equities.
The 30-stock average climbed more than 2%, or 482 points, on Wednesday. The S&P 500 was up by 1.1%. The Nasdaq Composite dipped 0.2%, however. Boeing shares rallied 30% to lead the Dow higher. A 10.6% gain in Nike also boosted the Dow.
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“The stimulus measures will continue acting as equity tailwinds as they seep into corners of the credit market presently locked,” said Adam Crisafulli, founder of Vital Knowledge, in a note. But the market “is clearly moving much faster than underlying fundamentals and just as sharp declines on prior sessions exaggerated economic conditions, the rebounds will too.”