Dow adds 1,167 points as Trump talks economic initiatives

FOX Business’ Deirdre Bolton breaks down the day’s financial statistics as markets close high.

U.S. equity markets ebbed and flowed on Tuesday before breaking away with the Dow Jones Industrial Average adding over 1,167 points clawing back from a deficit.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	44296.51	+426.16	+0.97%
SP500	S&P 500	5969.34	+20.63	+0.35%
I:COMP	NASDAQ COMPOSITE INDEX	19003.651134	+31.23	+0.16%

The Dow's point gain was the third-best on record. The S&P 500 and Nasdaq Composite also rallied tacking on nearly 5 percent.

Investors were encouraged after President Trump backed “very substantial relief” for the areas of the economy hardest hit by the new coronavirus outbreak.

He said Tuesday he had a "great meeting" with Senate Republicans, and that "there's a great feeling about doing a lot of things.

This followed his remarks on Monday. “We are going to take care of, and have been taking care of, the American public and the American economy,” Trump said at a White House press briefing where he floated a payroll tax cut, making sure those infected by COVID-19 don’t miss a paycheck and helping embattled industries, such as airlines and cruise operators.

Sen. Mike Braun, R-Ind., says he doesn't agree with a payroll tax cut because the economy could level-out on its own.

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The rebound helps recoup some of Monday’s losses of more than 7 percent which were the steepest for stock indexes since the 2008 financial crisis.

Looking at stocks, airlines and cruise ship companies, some of the hardest-hit groups since the COVID-19 outbreak, turned higher in response to Trump’s comments.

Ticker	Security	Last	Change	Change %
AAL	AMERICAN AIRLINES GROUP INC.	14.37	+0.17	+1.20%
UAL	UNITED AIRLINES HOLDINGS INC.	95.24	+0.84	+0.89%
DAL	DELTA AIR LINES INC.	63.30	-0.03	-0.05%
CCL	CARNIVAL CORP.	24.88	-0.46	-1.82%
NCLH	NORWEGIAN CRUISE LINE HOLDINGS LTD.	26.84	+0.11	+0.41%

Banks, which have been hit hard by expectations of further rate cuts from the Federal Reserve, recouped some of their recent losses while previously high-flying tech names, including Apple and Tesla, saw gains.

Ticker	Security	Last	Change	Change %
BAC	BANK OF AMERICA CORP.	46.99	+0.55	+1.17%
JPM	JPMORGAN CHASE & CO.	248.55	+3.79	+1.55%
WFC	WELLS FARGO & CO.	75.96	+1.13	+1.51%
AAPL	APPLE INC.	229.87	+1.35	+0.59%
TSLA	TESLA INC.	352.56	+12.92	+3.80%

Meanwhile, energy stocks, which were hammered Monday after an oil-price war broke out between Saudi Arabia and Russia, rallied as West Texas crude surged 10.38 percent to $34.36 a barrel. Oil's plunge of more than 24 percent on Monday was the largest since the outbreak of the 1991 Persian Gulf War.

Ticker	Security	Last	Change	Change %
XOM	EXXON MOBIL CORP.	121.78	-0.14	-0.12%
CVX	CHEVRON CORP.	162.36	+0.75	+0.46%
CLR	NO DATA AVAILABLE	-	-	-
OXY	OCCIDENTAL PETROLEUM CORP.	51.93	+0.39	+0.76%

On the earnings front, Dick’s Sporting Goods reported better-than-expected fourth-quarter results and announced the removal of its hunt category from 440 more stores.

Ticker	Security	Last	Change	Change %
DKS	DICK'S SPORTING GOODS INC.	210.18	+8.29	+4.11%

U.S. Treasurys gave up a large portion of Monday's gains, causing the yield on the 10-year note to spike to 0.792 percent. On Monday, the entire yield curve finished below 1 percent for the first time on record.

European markets reversed course with France’s CAC sliding 1.5 percent, Germany’s DAX losing 1.4 percent and Britain's FTSE closing down 0.1 percent.

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In Asia, China’s Shanghai Composite led the way, up 1.8 percent, while Hong Kong’s Hang Seng and Japan’s Nikkei added 1.4 percent and 0.9 percent, respectively.