Dow closes with second straight day of gains, as Senate nears passage of stimulus package

Financial markets closed higher again on Wednesday as the Senate appeared poised to pass a massive stimulus package to help businesses and workers struggling from the coronavirus pandemic.

The Dow Jones Industrial Average closed up by 495.64 points, or more than 2 percent higher. The S&P 500 posted a more than one-percent gain. The Nasdaq fell by half a percent as several tech companies closed lower.

The gains Wednesday follow the Dow on Tuesday gaining more than 2,100 points, or more than 11 percent, its largest single-day percentage increase since 1933.

The Dow lost some of its Wednesday gains before the closing bell as Vermont Sen. Bernie Sanders threatened to "put a hold" on the stimulus package.

"Unless Republican Senators drop their objections to the coronavirus legislation, I am prepared to put a hold on this bill until stronger conditions are imposed on the $500 billion corporate welfare fund," Sanders tweeted.