Coronavirus economic impact is not comparable to Great Depression: Former Fed Chair

Ben Bernanke, the former Federal Reserve chairman who served before and after the 2008 financial crisis, told CNBC on Wednesday that the coronavirus economic halt is more like a natural disaster than a depression.

The Dow Jones Industrial Average rose sharply on Wednesday following a historic rally in the previous session in anticipation of a coronavirus stimulus deal by Congress. The White House and Senate reached an agreement overnight.

The 30-stock average climbed more than 1,000 points, or 5%. The S&P 500 was up by about 3.2%. The Nasdaq Composite advanced 1.6%. Boeing shares rallied 30% to lead the Dow higher. A 10.3% gain in Nike also boosted the Dow.

The Dow soared more than 2,100 points on Tuesday, or over 11%, notching its biggest one-day percentage gain since 1933 and its best point increase ever. The S&P 500 rallied 9.4% for its best day since October 2008.

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