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Dow surges 5% on hopes for central bank help on the economy

new york stock exchange 030220
Posted at 4:17 PM, Mar 02, 2020
and last updated 2020-03-02 16:17:20-05

NEW YORK (AP) — The Dow Jones Industrial Average surged more than 1,200 points, or 5%, on hopes that central banks will take action to shelter the global economy from the effects of the coronavirus outbreak.

The huge gains clawed back some of the ground lost in a massive sell-off last week. Technology companies led the gains.

The Dow jumped 1,293 points to 26,703. It was the biggest-ever point gain for the Dow and the biggest percentage gain since March 2009.

The S&P 500 index rose 135 points, or 4.6%, to 3,089. The Nasdaq added 384 points, or 4.5%, to 8,952. Bond prices rose again, sending yields lower.