US Treasury Sec. Mnuchin: Big bounceback in economy expected by August and September

US Treasury Secretary Steven Mnuchin said on Tuesday that demand is expected to moe back as states reopen and noted that a big "bounceback" in the economy could happen by August and September.

"The Trump administration has corrected a lot of issues with the Paycheck Protection Program," Mnuchin further told Fox Business Network. "We do not see additional aid for state and local governments unless there is absolute bipartisan support."

Market reaction

Wall Street's main indexes started the day in the positive territory and the Dow Jones Industrial Average was last up 1.3% on the day.