Investing.com – Wall Street surged intraday Tuesday as investors returned to take advantage of cheaper stocks following Monday’s steep selloff while signs of progress toward a budget deal eased uncertainty.
“Senate Democratic leader Schumer and I had a good meeting this morning about a caps deal and the other issues we’ve been discussing for some months now, Senate Republican leader Mitch McConnell told reporters.” “I‘m optimistic that very soon we’ll be able to reach an agreement.”
Signs of progress toward a budget deal come just two days before a stop-gap government funding measure – passed in January - is due to expire.
Tech led the move higher after Facebook (NASDAQ:FB), Google (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) caught a bid as fears of a prolonged selloff appear to have faded with the so-called fear index CBOE Volatility Index slumping more than 20%.
Also adding to positive sentiment on equities were reports that president Donald Trump is poised to unveil his infrastructure plan on Monday which aims to generate at least $1.5 trillion in investments.