Wall Street surges as Congress preps more stimulus

Wall Street surged on Wednesday as oil prices recovered and Congress looked on course to approve nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.

Yahaira Jacquez reports.

Stocks on Wall Street rallied on Wednesday for the first time in three sessions as oil prices stabilized and Congress appeared on course to roll out another fiscal stimulus package.

The Nasdaq rose nearly 3 percent.

While the Dow and S&P 500 also climbed.

And after days of chaos in the oil markets, the price of Brent crude - the global benchmark - and U.S. crude both rose.

Dan Russo of Chaikin Analytics: (SOUNDBITE) (English) CHIEF MARKET STRATEGIST, CHAIKIN ANALYTICS, DAN RUSSO, SAYING: "You know, it's kind of interesting because companies are withdrawing their guidance, so that kind of tells you that they don't have a lot of visibility into what their business looks like for the next few quarters.

What's really interesting to me, that we also highlighted over the weekend, is that for the S&P 500, for 12 month PE, nearly back to where it was, before we fell off a cliff in February.

So we're back to those January, February levels from a valuation standpoint.

So that tells me, you know, maybe investors are starting to price in a V-shape type recovery.

Maybe looking past 2020 earnings and looking out to 2021." But a survey of thousands of CEOs showed they don't see a V-shaped recovery, instead they are preparing for a drawn out U-shaped recession and many fear their companies won’t survive the pandemic.

Wall Street saw a slew of corporate earnings.

Burrito chain Chipotle saw its shares rise, ending the day up more than 12% after the company said sales surged thanks to customers ordering food online for delivery or pick-up.

Texas Instruments also rose as the chip industry bellwether reported better-than-expected first-quarter results and said a strong inventory allowed it to be prepared for disruptions up ahead.