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Stocks soar as Congress works toward $1.6T stimulus package

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NEW YORK - U.S. equity markets surged Tuesday morning amid investor optimism that members of Congress will overcome their differences to reach a deal on a $1.6 trillion COVID-19 stimulus package. RELATED: CoronavirusNOW.com, FOX launches national hub for COVID-19 news and updates The Dow Jones Industrial Average surged 1,079 points, or 5.8 percent, in the opening minutes of trading, while the S&P 500 and Nasdaq Composite gained 5.3 percent and 5.1 percent, respectively.

The early gains came after the major averages plunged Monday despite the Federal Reserve announcing it would buy unlimited amounts of assets to support the economy.

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