S&P 500 rebounds nearly 10% on fiscal stimulus hopesDow +2112.98 at 20704.97, Nasdaq +557.18 at 7417.21, S&P +209.93 at 2447.33 [BRIEFING.COM] The S&P 500 surged 9.4% on Tuesday, as news that the elusive fiscal stimulus package was close to being agreed to in the Senate spurred a broad-based rebound. The Dow Jones Industrial Average climbed 11.4%, the Nasdaq Composite climbed 8.1%, and the Russell 2000 climbed 9.4%. All 11 S&P 500 sectors posted strong gains, especially the energy (+16.3%), financials (+12.8%), and industrials (+12.8%) sectors. The consumer staples sector (+4.8%) was the lone sector to advance less than 5.0%. Lawmakers continued to narrow their differences on the stimulus bill, with Senate Minority Leader Schumer (D-NY) placing negotiations "on the two-yard line" around lunchtime. According to CNBC, the White House is hopeful to have an agreement in principle by "sunset," but noted it was unlikely that an actual Senate vote would take place tonight. An agreement is needed to restore some confidence for consumers, investors, and businesses during the economic shutdowns across the country. The Fed has already stepped in numerous times to expand credit and liquidity, while President Trump today provided a goal for when he wants the economy to reopen despite the outbreak. Specifically, President Trump said he would love to have the country open for business by Easter (April 12) but will decide based on expert input from health officials. New York Governor Cuomo, who has been very active in trying to slow the rising rate of infections, empathized with the president but argued that we shouldn't "accelerate the economy at the cost of human life." Nevertheless, the prospects of fiscal stimulus and possibly having the economy reopen in April, combined with some short-covering activity and a bargain-hunting mindset, helped the market bounce from a deeply oversold condition. Tuesday's huge gains cut the S&P 500's monthly decline to 17.2% and yearly decline to 24.3%. Chevron ($CVX 66.55, +12.33) was among today's largest gainers with shares rising 22.7%, as investors were pleased to hear that the company has no plans to cut its dividend despite the turmoil in the oil market. The company also cut its capital spending plan by $4 billion and suspended its share buyback program. WTI crude rose 1.9%, or $0.44, to $23.93/BBL on Tuesday. U.S. Treasuries retreated for most of the day but did close off session lows. The 2-yr yield rose eight basis points to 0.37%, and the 10-yr yield rose five basis points to 0.82%. The U.S. Dollar Index declined 0.5% to 101.96. Gold futures rose 6.0% to $1659.80/OZT to extend its weekly advance following some positive-minded commentary out of Goldman Sachs. Friday's lone economic report was New Home Sales for February, which decreased 4.4% m/m in February to a seasonally adjusted annual rate of 765,000 units (Briefing.com consensus 761,000) from an upwardly revised 800,000 (from 764,000) in January. The key takeaway from the report is that it shows new home demand was strong in February, but that was before everything changed this month in the U.S. with the coronavirus situation, which is expected to severely weigh on home buying interest in the near term. Looking ahead, investors will receive Durable Goods Orders for February, the FHFA Housing Price Index for March, and the weekly MBA Mortgage Applications Index on Wednesday. Nasdaq Composite: -17.3%S&P 500: -24.3%Dow Jones Industrial Average: -27.5%Russell 2000: -34.3% Market Snapshot Dow20704.97+2112.98(11.37%)Nasdaq7417.21+557.18(8.12%)SP 5002447.33+209.93(9.38%)10-yr Note -5/320.840NYSEAdv 2677 Dec 240 Vol 1.7 blnNasdaqAdv 2831 Dec 460 Vol 4.3 bln Industry Watch Strong: Energy, Financials, IndustrialsWeak: Consumer Staples Moving the Market -- S&P 500 rebounds nearly 10% on fiscal stimulus hopes-- Senate could reportedly reach a deal in principle tonight-- President Trump hopes to reopen the economy by Easter (April 12)-- Market bounces from a deeply oversold conditionECONOMIC EVENTS: The U.S. Treasury Department issued a statement that G7 Leaders "are taking action and enhancing coordination on our dynamic domestic and international policy efforts to respond to the global health, economic, and financial impacts associated with the spread of the coronavirus disease 2019 - COVID-19." Collectively, G7 nations "will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system," the joint statement asserted. In U.S. data, Markit's flash manufacturing index for March fell 1.5 points to 49.2. The Richmond Fed index defied the coronavirus with a surprising 4 point March rise to a reading of 2. New home sales also soared past estimates with a restrained 4.4% February pullback to a robust 765,000 home pace. The latest data from the Johns Hopkins Whiting School of Engineering shows there are now 396,249 cases of COVID-19 and 17,252 deaths. Meanwhile, U.S. President Donald Trump said during a town hall on Fox that he would "love" to have the United States "opened up and raring to go by Easter," which is April 12. Additionally, CNBC reported that the White House held a call with finance leaders earlier to discuss the COVID-19 pandemic's impact on the economy. According to CNBC, President Trump and Vice President Mike Pence held a call with finance leaders including Third Point's Dan Loeb, Blackstone's ($BX) Stephen Schwarzman, Vista Equity's Robert Smith, Intercontinental Exchange's ($ICE) Jeffrey Sprecher, and hedge fund manager Paul Tudor Jones. TOP NEWS: Chevron ($CVX) shares jumped 22.7% after the company announced several steps it is taking in response to market conditions, most notably reducing its guidance for 2020 organic capital and exploratory spending by 20% to $16B with reductions expected to occur across the portfolio. Excluding 2020 asset sales and price related contractual effects, the company expects 2020 production to be roughly flat relative to 2019. In addition to reducing capital expenditures, the company is taking other actions, such as suspending its $5B annual share repurchase program after repurchasing $1.75B of shares during the first quarter. Ford ($F) announced that its team members are working with 3M ($MMM) to increase the manufacturing capacity of their powered air-purifying respirator, or PAPR, designs and working jointly to develop a new design leveraging parts from both companies to meet the surge demand for first responders and health care workers. In addition, Ford and GE Healthcare ($GE) said they are working together to expand production of a simplified version of GE Healthcare's existing ventilator design to support patients with respiratory failure or difficulty breathing caused by COVID-19. At the same time, Ford said it is not planning to restart its plants in the U.S., Canada and Mexico on Monday, March 30 as originally hoped. Automaking peer General Motors ($GM) announced that it intends to drawdown approximately $16B from its revolving credit facilities as a "proactive measure to increase GM's cash position and preserve financial flexibility in light of current uncertainty in global markets resulting from the COVID-19 pandemic." GM is also suspending its 2020 guidance due to uncertainty around the business impact of the COVID-19 pandemic. Shares of Comcast ($CMCSA) were in the spotlight after the company announced that the ongoing COVID-19 pandemic could have a "material adverse impact" on results over the near- to medium-term. Meanwhile, the President of the International Olympic Committee and Japan's Prime Minister Shinzo Abe announced that the Olympic games will be rescheduled to no later than summer 2021. Nike ($NKE), which has a global view of both Asia in recovery and the Western world in the grips of the coronavirus crisis, is scheduled to report results of its third fiscal quarter after the market close, with a conference call scheduled for 5:00 pm ET. Meanwhile, Reuters reported that Halliburton ($HAL) is accelerating its cost-cutting moves and will "significantly" lower its spending below its original $1.2B budget. Additionally, S&P cut its rating on Delta Air Lines ($DAL) to BB from BBB-. The S&P rating of BB is considered "junk" status. In other ratings agency news, Fitch downgraded its long-term rating for Boeing ($BA) to BBB from A- to reflect the "rapid escalation of coronavirus pandemic and its effect on Boeing's aviation markets and operations." MAJOR MOVERS: Among the noteworthy gainers was Genworth ($GNW), which surged 26% after announcing that the New York State Department of Financial Services has reapproved the proposed acquisition of control by Oceanwide of Genworth's New York-domiciled insurance company, Genworth Life Insurance Company of New York. Also higher was Virgin Galactic ($SPCE), which gained 26% after Morgan Stanley analyst Adam Jonas upgraded shares to Overweight from Equal Weight following the greater than 70% pullback in the the stock over the past month. Among the noteworthy losers was Milestone Pharmaceuticals ($MIST), which plunged 87.9% after the company's Phase 3 trial of etripamil failed to meet the primary endpoint relative to placebo. Also lower were MFA Financial ($MFA), Invesco Mortgage Capital ($IVR), and New York Mortgage ($NYMT), which dropped a respective 77.9%, 52.9%, and 46% after the companies said that they either haven't been able to meet margin calls or expect they won't be able to meet margin calls.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.