Dow Jones up 6 per cent ahead of $3 trillion coronavirus stimulus package

Related Story: G20 leaders to inject $8 trillion into global economy to fight coronavirus Related Story: Myer, Kathmandu and Rip Curl stores to close, laying off thousands of employees

The Australian share market closed sharply lower after giving up early gains and despite Wall Street rising, as more stimulus was promised by world leaders to head off a coronavirus-induced recession.

Key points: The S&P 500 recorded its biggest three-day percentage gain since 1933Australian market rose in early trade but gave up those gains to close deep in the redIt comes as G20 leaders promised to inject $8.2 trillion into global economy

Investors are also awaiting a $US2 trillion ($3.3 trillion) economic rescue plan to be approved by the US Congress.

Australian shares jumped in early trade but staged a sharp reversal, which saw the ASX 200 index close 5.3 per cent lower at 4,842 points.

The All Ordinaries index finished the session 5.1 per cent weaker at 4,874.

All sectors ended in the red, led by financials, health care and energy stocks, including Santos (-10pc) and ANZ (-7.4pc).

It comes as the leaders of the world’s biggest economies pledged to do whatever necessary to fight coronavirus.

On a video conference call overnight, the G20 promised to inject $US5 trillion ($8.2 trillion) into the world’s economy.

“The G20 is committed to do whatever it takes to overcome the pandemic, along with the World Health Organisation, International Monetary Fund, World Bank Group, United Nations, and other international organisations,” the group said in a statement.

“We are determined to spare no effort, both individually and collectively.”

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