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China Daily / 2020-03 / 26 / Page013

Shares swell on US stimulus deal

By Chen Jia | China Daily | Updated: 2020-03-26 00:00

Key China indexes up more than 2%; markets draw hope from governments

Financial markets across the world, particularly those in Asia and Europe, gained confidence on Wednesday as investors renewed faith that stronger government interventions may help soften economic blows from the novel coronavirus outbreak.

US media reported on Wednesday (China time) that the White House and the Senate-it is the upper house of the Congress, the country's bicameral parliament-agreed a preliminary plan for an almost $2 trillion fiscal stimulus package, the biggest congressional bailout in US history, including aggressive government spending, loans and aid for small businesses and deferrals of taxes, to bolster economy amid the epidemic.

News of the preliminary deal, which came after much political bickering, drove the key US S&P 500 index up 9.38 percent for the intraday high on Tuesday (local time). The Nasdaq rose 8.12 percent. It marked the Wall Street's best day in almost a decade.

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