On Tuesday, the Dow had its biggest gain in nearly 90 years. The Dow closed up 11% and the S&P was up almost 10% at the close of the day. This historic surge was a welcome change from the rough losses the market has endured since the start of the coronavirus pandemic. However, financial experts say we can expect the market to be a rough ride for a while longer before we can expect stability or steady gains.
Congress is close to passing a $2 trillion coronavirus relief package to provide American families and small businesses with financial aid. That, coupled with the president’s optimistic attitude about the end of quarantine conditions offered hope to investors, evident by the market gains.
The Federal Reserve will soon open a “Main Street Business Lending Program” that will offer credit to small and mid-size businesses to help them keep afloat during the pandemic and quarantine.
Additionally, Americans now have until July 15th to file their tax returns. For those who owe taxes, this allows three more months to pay in order to avoid penalty. For those who are expecting a refund, filing as soon as you can is the best plan. The refund check may help you and your family pay bills or stock up on more supplies if the quarantine lasts longer than expected. Of course, if you do plan to stock up, do so wisely as hoarding is strongly discouraged.
