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Post by bot on Mar 2, 2020 16:16:27 GMT -5
Dow surges 1,300 points and logs best percentage gain in 11 years to halt 7-session skid as investors hope central banks can dull coronavirus pain
U.S. stocks surged into the close on Monday as the Dow and S&P 500 ended a brutal seven-day selloff amid growing hope that global central banks and major developed economies will act, if not jointly, to help counteract the potential harm from COVID-19, the infectious disease that reportedly originated in Wuhan, China, late last year and has sickened nearly 90,000 people. The market experienced wild trading in futures and also powerful moves in the regular session as the stock market attempted to recover losses that helped to produce the three major benchmarks' worst weekly declines since the 2008 financial crisis, pushing the benchmarks into correction, widely defined as a decline of at least 10%, but less than 20%, from a recent peak. The Dow Jones Industrial Average gained 1,293 points, or 5.1%, to close at 26,703, marking its best point gain in history and its best percentage gain since March 23, 2009, according to FactSet data. The S&P 500 index finished 4.6% higher at 3,089, while the Nasdaq Composite Index closed up 4.5% at 8,952. After last week, strategists have described the market as oversold and had wondered if conditions were ripe to reenter the market. To be sure, investors are still wary about the economic impact of the viral outbreak that has spread to nearly 60 countries and could disrupt supply chains and economies.
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