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Dow Industrials Rally 5.1% on Central-Bank Stimulus Hopes
 [WSJ] The Dow Jones Industrial Average rebounded from seven-session streak of declines with its best day in more than a decade, lifted by investors’ bets that central banks can stabilize markets and shield economic growth from the impact of the coronavirus epidemic.Monday’s moves helped reverse some of the declines suffered last week‐the worst for major U.S. indexes since the financial crisis. Gains were broad-based, with all 11 sectors of the S&P 500 rising more than 2%. Apple and Microsoft surged, adding a combined $193 billion in market value for the day, according to FactSet data. U.S. oil prices posted their largest one-session advance since mid-September. The blue-chip index of 30 stocks surged 1293.96 points, or 5.1%, to 26703.32 in its biggest one-day percentage gain since March 2009 and its biggest point advance on record. Other major indexes posted their biggest one-day percentage gains since December 2018, with the S&P 500 rising 136.01 points, or 4.6% to 3090.23 and the tech-heavy Nasdaq Composite gaining 384.80 points, or 4.5%, to 8952.16. Investors piled into wagers that the Federal Reserve and other major central banks may lower interest rates, possibly in tandem to boost the firepower of stimulus efforts. The yield on the benchmark 10-year U.S. Treasury note plumbed new record lows, settling at 1.085%. Posted by: Besoeker 2020-03-03 |
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