Wall Street rebounds as investors wait for US' coronavirus relief package
- US stock index futures hit the upper limit on Friday.
- Financial shares rise sharply on surging Treasury bond yields.
- US House Speaker Pelosi says they are close to a deal on coronavirus bill.
After US stock index futures hit their upper limit of 5% earlier in the day, Wall Street's main indexes rose sharply at the opening bell on Friday but retreated slightly from their highs. As of writing, the Dow Jones Industrial Average was up 2.2% on the day while the S&P 500 and the Nasdaq Composite were both adding 3%.
Eyes on US' coronavirus economic relief bill
Earlier in the day, US President Trump called upon Congress to approve payroll tax cuts until the end of the year to help the economy counter the negative impact of the coronavirus outbreak on the activity.
Meanwhile, US House Speaker Nancy Pelosi noted that House Democrats and the Trump administration were close to reaching a deal on the new legislation. Moreover, Treasury Secretary Mnuchin told reporters that the Fed and the Treasury were working on providing "unlimited liquidity."
Among the 11-major S&P 500 sectors, the Financials Index is leading the rally by adding more than 5.5% on the back of surging 10-year US Treasury bond yields. As of writing, the 10-year reference was up nearly 22% on a daily basis.