Stock market news live updates: Stocks rise after Senate approves coronavirus relief funds – Yahoo Money

Stocks rose Wednesday after a batch of corporate earnings results topped consensus expectations and the Senate passed of a deal to inject more fiscal stimulus into the economy.

The S&P 500 jumped more than 2%, recovering some of the prior day’s declines as the Information Tech and Energy sectors outperformed. The Nasdaq jumped more than 2.8%, with shares of tech heavyweight Facebook (FB) rising more than 6.5%. Netflix’s (NFLX) stock turned lower after the company announced a new $1 billion debt offering, a day after reporting a massive surge in new subscribers during the first quarter.

Tuesday afternoon, the U.S. Senate cleared an interim deal to add another $484 billion infusion for its small business aid program, coronavirus testing and hospital support package, with a House vote expected as soon as Thursday. President Donald Trump has already suggested he would sign the bill once it arrives at his desk. The funds add to the $2.2 trillion relief package initially Congress passed in late March.

“Though this bill will address some of the shortfalls, this will not likely be the end for stimulus,” Bank of America analysts wrote in a note Wednesday morning. “We think Congress will next pass a bill which expands on many provisions in the CARES Act and addresses State and Local budget shortfalls. We expect up to $1.5tn [trillion] more in stimulus, which would bring the total stimulus passed this year to $4tn or 20% of GDP.”

The additional funding comes as much of the country remains shut inside due to strict social distancing guidelines, which have left many businesses idled. Still, some southern states this week began allowing people to return to public spaces and businesses, with some restrictions, jump-starting a multi-phase economic reopening process.

Investors also continued to closely watch updates in energy markets, as supply and demand concerns compounded with storage challenges for the physical commodity.

The June contract (CL=F) for West Texas intermediate – now the most actively traded after May’s contract expired Tuesday afternoon – rebounded to above $13 per barrel as Wednesday, after briefly falling below $10 on Tuesday.

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4:02 p.m. ET: Dow jumps 1.9% percent, or 450 points, after crude oil prices rebound

Here were the main moves in markets as of 4:02 p.m. ET:

• S&P 500 (^GSPC): +62.75 (+2.29%) to 2,799.31

• Dow (^DJI): +456.94 (+1.99%) to 23,475.82

• Nasdaq (^IXIC): +232.15 (+2.81%) to 8,495.38

• Crude (CL=F): +$2.30 (+19.88%) to $13.87 a barrel

• Gold (GC=F): +$48.20 (+2.86%) to $1,736.00 per ounce

• 10-year Treasury (^TNX): +4.8 bps to yield 0.6190%

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2:45 p.m. ET: Domestic crude oil futures settle higher, reversing some losses

West Texas intermediate crude oil June futures settled higher by 19%, or $2.21, to $13.78 per barrel Wednesday, a day after dropping 40% amid a broader drawdown in energy prices.

Brent crude oil, the international standard, recovered from a two-decade low, with June futures settling higher by about 5% to $20.37 per barrel.

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11:23 a.m. ET: The economy has ‘probably bottomed’: Analyst

The worst may be over for the U.S. economic stall stemming from the coronavirus crisis, according to at least one economist.

“The economy itself has probably bottomed,” Neil Dutta, head of economics at Pantheon Macroeconomics, wrote in a note Wednesday. “Let me be clear: that DOES NOT mean a return to robust activity, but it does mean that economic conditions are not getting any worse at the moment.”

“We’ve seen an uptick in weekly steel production, TSA travel numbers have stabilized, mortgage purchase applications have ticked up, and motor gasoline demand has ticked up, a sign vehicle miles driven are up,” he added.

Dutta noted that the economic stabilization process will still be choppy and take time as states undergo a phased reopening process.

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9:31 a.m. ET: Stocks open higher, reversing some losses

Here were the main moves in markets, as of 9:31 a.m. ET:

• S&P 500 (^GSPC): -54.15 points (+1.98%) to 2,790.71

• Dow (^DJI): -423.10 points (+1.84%) to 23,441.98

• Nasdaq (^IXIC): -175.15 points (+2.12%) to 8,441.54

• Crude oil (CL=F): +$2.36 (+20.4%) to $13.93 per barrel

• Gold (GC=F): +$38.00 (+2.25%) to $1,725.80 per ounce

• 10-year Treasury (^TNX): +3.5 bps to yield 0.606%

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7:48 a.m. ET: Kimberly-Clark 1Q profit, revenue rises over last year as consumers stock up on essentials

Kimberly-Clark (KMB), the parent company of brands including Huggies and Kleenex, posted first-quarter sales and earnings that grew over last year, with purchase volumes jumping as consumers stocked up on essential home goods.

Overall volumes increased 8% in the first quarter over last year, “driven by increased shipments to support consumer stock up related to the global outbreak of COVID-19,” the company said in a statement. Adjusted earnings per share of $2.13 rose by 47 cents over last year, and net sales of $5 billion were up nearly 8%.