Stocks scored their first back-to-back gains Wednesday since a brutal sell-off began five weeks ago, though much of an early rally faded late in the day as a last-minute dispute threatened to hold up a $2 trillion economic rescue package in Congress.
The S&P 500 rose 1.2%, bringing its two-day gain to 10.6%. It had been up 5.1% earlier in the day as Congress moved closer to approving the plan to provide badly needed aid to an economy that has been ravaged by the coronavirus. The market is now down nearly 27% since setting a record high a month ago.
The S&P 500 index rose 28.23 points, or 1.2%, to 2,475.56.
The Dow Jones Industrial Average rose 495.64 points, or 2.4%, to 21,200.55.