Stock futures rise as Trump signals 'economic policies' ahead to stop financial market mayhem
Trump is promising economic rescue efforts to ease the financial mayhem infecting markets.
U.S. stock futures are looking to bounce back from the worst one-day point drop ever.
Futures were pointing toward more losses until President Trump's comments during an update with the coronavirus task force, quickly turned things aorund.
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The major futures indexes are indicated a gain of 4.5 percent, or about 1,000 Dow points, when Wall Street opens on Tuesday.
"We are taking care of the American public," Trump promised, noting he and his team are evaluating a number of options to do just that.
Those include a potential payroll tax cut, a backstop for hourly wage earners so nobody will "miss a paycheck" and ongoing conversations with hard-hit industries including the airlines and hotels. He also discussed working with the Small Business Administration on a loan program for those impacted.
Trump said he will talk more about those economic policies on Tuesday which "will be major," he promised.
WALL ST. CEOS SUMMONED TO WHITE HOUSE AMID STOCK CARNAGE
On Monday, the Dow, along with the S&P 500 and Nasdaq Composite lost over 7 percent apiece. The extreme selling was a combination of more cases of the coronavirus as well as a price war on oil between Saudi Arabia and Russia.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43870.23 | +461.76 | +1.06% |
| SP500 | S&P 500 | 5948.7 | +31.59 | +0.53% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18972.420086 | +6.28 | +0.03% |
Oil, which tumbled an unprecedented 30 percent plus during the Monday session, also rebounded slightly. The U.S. benchmark, West Texas Intermediate, hugged the $33 per barrel level, while Brent, the global benchmark, hovered around the $36 per barrel level.
In Asian markets on Tuesday, Japan's Nikkei traded higher by 0.9 percent, Hong Kong's Hang Seng gained 1.4 percent and China's Shanghai Composite added 1.8 percent.
In Europe, London's FTSE added 3.9 percent, Germany's DAX gained 3.6 percent and France's CAC was higher by 4.2 percent.
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