Dow surges 1,000 points, or 4%, on Wednesday, clawing back much of its sharp losses from the day before.
Traders gather at a post on the floor of the New York Stock Exchange, Wednesday, March 4, 2020. Stocks are surging in early trading on Wall Street, led by health care stocks after Joe Biden scored a number of Super Tuesday wins.
The gains more than recouped the market’s big losses from a day ealier as Wall Street’s wild, virus-fueled swings extend into a third week. Investors are also anticipating other central banks will follow up on the Federal Reserve’s surprise move Tuesday to slash interest rates by half a percentage point in hopes of protecting the economy from the economic fallout of a fast-spreading virus. Canada’s central bank cut rates on Wednesday, also by half a percentage point and citing the virus’ effect.
The Bank of England has a meeting on March 26 on interest rates. The European Central Bank and others around the world have already cut rates below zero, meanwhile, which limits their monetary policy firepower. But economists say they could make other moves, such as freeing up banks to lend more. Health care stocks in the S&P 500 jumped 5.4% for the biggest gain among the 11 sectors that make up the index. UnitedHealth Group rose 13.7%, Anthem jumped 14.6% and Cigna climbed 14.1%.
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