Stocks have had quite a volatile 24 hours.

Markets plummeted Tuesday following comments by President Trump that an additional coronavirus stimulus package should be scrapped until after the election, only to have stocks and index ETFs come roaring back again on Wednesday after the president tweeted support for assistance to airlines and other stimulus measures.

On Wednesday morning, the Dow Jones Industrial Average has traded over 450 points higher, or 1.58%, while the S&P 500 gained 1.4% and the Nasdaq Composite climbed 1.2%, after news that President Trump pushed Congress to approve airline payroll support, claiming that capital and support for small business could be handled  with unused funds from the prior stimulus.

The major stock index ETFs are also roaring higher Wednesday along with their underlying benchmarks, with the SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 ETF Trust (SPY), and Invesco QQQ Trust (QQQ) all climbing as of noon EST.

DIA

In a chaotic turn of events from Tuesday, President Trump then suggested Congress should approve $1,200 stimulus checks for Americans in a tweet, nearly reversing what was a nearly 100 point drop in the S&P 500 that occurred in less than two hours.

“This certainly isn’t the first time we’ve seen the market react to Trump tweets, and it probably won’t be the last,” said Chris Larkin, managing director of trading and investment product at E-Trade. “The seesaw we’ve seen since yesterday’s plunge is just case and point for the volatility we may encounter as we close in on the election.”

“That said, with President Trump’s call for aid to airlines, an obviously hard-hit area of the market, traders may be eyeing bullish opportunities in cyclical stocks dependent on a quicker economic recovery—if they can stomach the rollercoaster,” Larkin added.

Investors in airlines and associated ETFs were elated by the news, as shares of United Airlines were driven up over 4%, while Delta advanced 2.7%. Meanwhile, the U.S. Global Jets ETF (JETS) rallied 2.15% amid the news. Airline stocks were also buoyed by upgrades to various companies by a JPMorgan analyst.

“I think what President Trump was saying yesterday was that we’re too far apart for a gigantic bill,” White House economic advisor Larry Kudlow told CNBC’s “Squawk Box.” But “a small bill? A targeted bill? … They were willing to compromise on the [continuing resolution]to keep the government open. Why not do it again?”

After rallying earlier in the session, the major benchmarks tumbled on Tuesday after Trump tweeted that the White House is terminating talks with Democrats about a second coronavirus stimulus deal for the time being.

“That’s … a lot of money, whatever it would’ve been,” Bridgewater Associates’ Ray Dalio told CNBC’s “Street Signs Asia”, stating that there’ll be “a lot of stress” for those who are left without help. and will be a “significant negative” for the economy.

Meanwhile, Pershing Square Capital Management’s Bill Ackman said in a tweet directed at Trump and House Speaker Nancy Pelosi: “Mr. President and Madam Speaker, in that you both agree on the first $1.6T of stimulus, why not immediately fund $1.6T of stimulus and leave the disputed $400B to the outcome of the election? That way, Americans in need can be helped now.”

For more market trends, visit ETF Trends.