Stocks soared on Wall Street Wednesday as governments and central banks around the globe took more aggressive measures to fight the virus outbreak and its effects on the economy. Health care companies led the gains after Joe Biden solidified his contender status for the Democratic presidential nomination. Investors see him as more business-friendly than Bernie Sanders. Congressional leaders agreed on an $8.3 billion bill to battle the virus, and investors are anticipating more central banks will follow the Federal Reserve’s lead in cutting rates. The gains more than recouped the market’s losses from a day earlier as a wild, virus-fueled swings extend into a third week.
The S&P 500 index rose 126.75 points, or 4.2%, to 3,130.12.
The Dow Jones Industrial Average jumped 1,173.45 points, or 4.5%, to 27,090.86.
The Nasdaq rose 334.00 points, or 3.8%, to 9,018.09.
The Russell 2000 index of smaller company stocks jumped 45.11 points, or 3%, to 1,531.20.
For the week:
The S&P 500 is up 175.90 points, or 6%.
The Dow is up 1,681.50 points, or 6.6%.
The Nasdaq is up 450.72 points, or 5.3%.
The Russell 2000 is up 54.77 points, or 3.7%.
For the year:
The S&P 500 is down 100.66 points, or 3.1%.
The Dow is down 1,447.58 points, or 5.1%.
The Nasdaq is up 45.48 points, or 0.5%.
The Russell 2000 is down 137.27 points, or 8.2%.