Dow surges 11 percent as Congress moves closer to passing virus aid

This photo provided by the New York Stock Exchange shows the unoccupied NYSE trading floor, closed temporarily for the first time in 228 years as a result of coronavirus concerns, Tuesday March 24, 2020. (Kearney Ferguson/NYSE via AP)

NEW YORK (AP) — Stocks surged on Wall Street Tuesday, sending the Dow industrials up 11%, as Congress nears a deal to inject $2 trillion into the economy to mitigate damage from the coronavirus outbreak.

Markets were also responding to aggressive steps from the Federal Reserve announced a day earlier to support lending and bond markets.

Treasury yields rose in an encouraging sign that demand for low-risk assets was easing slightly.

The market has seen rebounds like this before, only for them to wash out immediately.

Investors say they ultimately need to see the number of new coronavirus infections peak before markets can find a bottom.