Stocks closed broadly higher on Wall Street Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
New York’s governor said the rate of increase of deaths could be approaching a plateau, but he cautioned it was far too early to say the worst had passed. European and Asian markets also rose. Bond yields rose as investors became somewhat less pessimistic about prospects for the economy. The price of oil fell after a meeting between big producers about cutbacks was postponed.
The S&P 500 index rose 175.03 points, or 7%, to 2,663.68.
The Dow Jones Industrial Average gained 1,627.46 points, or 7.7%, to 22,679.99.
The Nasdaq climbed 540.15 points, or 7.3%, to 7,913.24.
The Russell 2000 index of smaller company stocks picked up 86.72 points, or 8.2%, to 1,138.78.
For the year:
The S&P 500 is down 567.10 points, or 17.6%.
The Dow is down 5,858.45 points, or 20.5%.
The Nasdaq is down 1,059.37 points, or 11.8%
The Russell 2000 is down 529.69 points, or 31.8%.