UNDATED (AP) – Stocks are rising sharply on Wall Street Monday as traders hope that central banks will take action to help shelter the global economy from the effects of the coronavirus outbreak.
The market recouped part of the losses it took in a seven-day rout that gave stocks their worst week since the financial crisis of 2008. The Dow Jones Industrial Average climbed 744 points, or 2.9%, to 26,149 as of 3:11 p.m. Eastern time.
The S&P 500 rose 2.2% and the Nasdaq added 2.1%. Bond prices continued to soar, pushing yields to more record lows. The yield on the 10-year Treasury fell to 1.09%.