U.S. stocks rose sharply on Wednesday after President Donald Trump tweeted support for aid to airlines and other stimulus measures, stoking hope that a smaller aid package could be passed by lawmakers.
The Dow Jones Industrial Average propelled higher 530.7 points, or 1.9%, to wrap up Wednesday's session at 28,303.46. It was the Dow's biggest one-day gain since mid-July.
The S&P 500 regained 58.5 points, or 1.7%, to 3,419.45.
The NASDAQ hiked 209.99 points, or 1.9%, to 11,364.60.
Trump urged Congress to approve airline payroll support, saying that money and aid for small business could be paid for with unused funds from the previous stimulus. Trump also pushed for another round of $1,200 stimulus cheques for Americans.
Shares of United Airlines gained more than 4%. Delta gained 3.5%. Airline stocks also got a boost after a JPMorgan analyst upgraded several companies in the industry.
Boeing shares were up 3.2%. Cruise operators — another group that would benefit from the economy reopening — rose broadly. Carnival jumped 5.3%. Norwegian Cruise Line advanced 4.5% and Royal Caribbean gained 2.8%.
Market sentiment also got a boost after Eli Lilly said it was looking for FDA clearance for its coronavirus antibody drug. Eli Lilly shares jumped 3.4%.
Prices for the 10-Year Treasury shrank, raising yields to 0.79% from Tuesday's 0.74%. Treasury prices and yields move in opposite directions.
Oil prices slid 68 cents to $39.99 U.S. a barrel.
Gold prices slumped $18.40 to $1,890.40 U.S. an ounce.