US STOCKS-Wall Street rebound fizzles out as fears of virus impact persist

* Senate set to vote on stimulus bill on Wednesday
* Boeing top gainer among Dow components
* Nike up 11% after beating revenue estimates
* Indexes mixed: Dow up 0.71%, S&P down 0.45%, Nasdaq off
0.96%

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By Uday Sampath Kumar and Medha Singh
March 25 (Reuters) - Wall Street fell in choppy trading on
Wednesday after a strong rebound in the previous session as
optimism about an imminent $2 trillion coronavirus package
waned, with investors still concerned about the lasting economic
hit from the pandemic.
All three main indexes had snapped higher in early trading
following reports that Washington had reached a deal on a $2
trillion stimulus package to aid businesses and millions of
Americans hit by the economic fallout of the outbreak.
But fears about a looming global recession and the
likelihood of corporate defaults amid a collapse in business
activity quickly sent the benchmark S&P 500 .SPX and
tech-heavy Nasdaq .IXIC lower.
The Dow .DJI flitted between small gains and losses.
"Markets are going to stay very volatile until one of three
things happens: either the number of new infections in the U.S.
peaks, there is some kind of a cure or vaccine developed or
until the U.S. economy begins to reopen," said Randy Watts,
chief investment strategist at William O'Neil+Co in New York.
Wall Street had staged a furious rally on Tuesday, with the
Dow posting its best day since 1933, in wild swings that were
last seen at the height of the global financial crisis.
The Senate will vote on the bill later on Wednesday and the
House of Representatives is expected to follow soon after.
The total figure at stake exceeds the amount the country
spends on national defense, scientific research, highway
construction and other discretionary programs combined.

"What's remarkable in this particular crisis, compared to
2008 is the response by policymakers because the speed with
which they've revamped existing programs and introduced new ones
is completely unprecedented," said Andrea Cicione, head of
strategy at TS Lombard.
At 10:36 a.m. ET the Dow Jones Industrial Average .DJI was
up 147.45 points, or 0.71%, at 20,852.36, the S&P 500 .SPX was
down 10.96 points, or 0.45%, at 2,436.37 and the Nasdaq
Composite .IXIC was down 70.90 points, or 0.96%, at 7,346.96.
While the S&P 500 recovered about $1.8 trillion in value in
Tuesday's session, it is still off about $8 trillion from its
mid February peak.
Boeing Co BA.N led gains on the Dow, surging nearly 12%,
and continuing this week's rally as sources said it planned to
restart 737 MAX production by May.
Nike NKE.N gained 11% after beating quarterly revenue
estimates and reporting rebounding sales in China. American Airlines AAL.O , Royal Caribbean Cruises RCL.N
and Norwegian Cruise Line Holdings NCLH.N , among the hardest
hit by the coronavirus pandemic, jumped between 13% and 23%.

Advancing issues outnumbered decliners more than 1-to-1 on
the NYSE and the Nasdaq.
The S&P index recorded no new 52-week high and four new
lows, while the Nasdaq recorded three new highs and 31 new lows.