Monday, March 2, 2020

AFTER PRECIPITOUS DROP, DOW, S&P, NASDAQ SCORE BIGGEST POINT GAINS EVER

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The coronavirus panic selling in the stock market gave way to what might be panic buying on Monday. Stocks rose sharply on Monday, with the Dow Jones Industrial Average having its biggest one-day gain since 2009, on the expectation that the Federal Reserve and global central banks are likely to take action to provide economic stimulus to offset drag from the viral pandemic. The Dow jumped 1,293.96 points higher, or 5.1 percent, to close at 26,703.32. That is the largest percentage gain since 2009 and the largest one-day point gain ever. The S&P 500 climbed 4.6% — its best one-day performance since Dec. 26, 2018 — to close at 3,090.23. The Nasdaq Composite also had its best day since 2018, surging 4.5% to 8,952.16. The huge gains clawed back some of the ground lost in a massive sell-off that gave stocks their worst week since the financial crisis of 2008. European benchmarks were mostly higher, and Asian markets rose broadly. Bond prices fell, pushing yields higher after having touched another record low earlier in the day. The yield on the 10-year Treasury note rose to 1.15% from 1.12% late Friday.

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