(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.
“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.”
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