U.S. stocks gained strength on Wednesday, thanks to investors’ optimism over rebound in oil prices, decent corporate earnings and the U.S. Senate’s approval of a coronavirus relief package worth $484 billion, aimed to assist small businesses.
The three major indices — the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite — closed in the green on Wednesday. The Dow Jones Industrial Average closed at 23,475.82 after increasing 2%, the broader S&P 500 reached 2,799.31after rising 2.3% and the tech-laden Nasdaq Composite hit 8,495.38 after adding 2.8%.
The fear-gauge CBOE Volatility Index (VIX) declined 1.1% to close at 41.52 on Apr 22.
Oil Prices Find Some Ground
Major U.S. benchmarks were supported by an upward movement in oil prices on Wednesday. The commodity managed to