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Updated March 28th, 2020 at 02:30 IST

US stocks tumble despite stimulus agreement

Wall Street capped a week of outsize gains for the stock market with more losses Friday as investors held out hope that a big economic rescue package will help cushion ailing businesses and households from the effects of the coronavirus.

US stocks tumble despite stimulus agreement
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Wall Street capped a week of outsize gains for the stock market with more losses Friday as investors held out hope that a big economic rescue package will help cushion ailing businesses and households from the effects of the coronavirus.

"I think a lot of this was baked into the anticipation of the last few days," Dan Ives of Wedbush Securities said.

A rally this week pushed the S&P 500 up 10% as traders became hopeful that a $2 trillion relief bill would ease the severe economic damage being caused by shutdowns related to the coronavirus.

The House passed the bill Friday afternoon and President Donald Trump was due to sign it later in the day.

Even after the rally this week the market is down 25% from the peak it reached a month ago. Oil prices fell again.

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Published March 28th, 2020 at 02:30 IST

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