Wall Street surges as Congress preps more stimulus and oil bounces back [Reuters]
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Source: Reuters
Wall Street surges as Congress preps more stimulus and oil bounces back (Reuters) - Wall Street surged on Wednesday as oil prices recovered some ground and Congress looked on course to seal nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis. U.S. crude and benchmark Brent prices edged higher after a collapse in the past two days, sending the S&P 500 energy index .SPNY up 3.5%. All 11 S&P 500 sector indexes traded higher as the U.S. Senate unanimously approved the new relief package, adding to trillions of dollars in stimulus that have helped Wall Street rebound from its March lows. The House of Representatives is expected to clear the bill on Thursday. “The (stimulus) response times have been way faster than what you saw in 2008. What you’re seeing is the tail risk removal that stops the equity downturn and allows the market to actually look,” said Anik Sen, global head of equities at PineBridge Investments in New York. The benchmark S&P 500 is st
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