The Dow Jones Industrial Average surged more than 11% Tuesday, its biggest one-day gain since 1933, on signs that lawmakers were nearing a deal on a giant stimulus package to ease the economic fallout from the coronavirus pandemic.

Major indexes opened sharply higher after Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer (D., N.Y.) emerged from late-night negotiations saying they were within striking distance of a deal.

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