Wall Street soars 7per cent on hopes of slowing coronavirus deaths

Wall Street soars 7per cent on hopes of slowing coronavirus deaths

The S&P 500 was on track to recoup about US$1 trillion in market value in a frantic rally on Monday after New York, the biggest U.S. coronavirus hot spot, reported a fall in daily deaths, raising hopes that the pandemic could level-off soon.

A man crosses a nearly deserted Nassau street in front of the New York Stock Exchange (NYSE) in the
A man crosses a nearly deserted Nassau Street in front of the New York Stock Exchange (NYSE) in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar

NEW YORK: U.S. stocks rocketed higher on Monday, with each of the major indexes rallying about 7per cent, after a fall in the daily death toll in New York, the country's biggest coronavirus hot spot, fueled optimism a leveling off of the pandemic was on the horizon.

The Dow Jones Industrial Average rose 1,627.46 points, or 7.73per cent, to 22,679.99, the S&P 500 gained 175.03 points, or 7.03per cent, to 2,663.68 and the Nasdaq Composite added 540.16 points, or 7.33per cent, to 7,913.24.

(Reporting by Chuck Mikolajczak; Editing by Sandra Maler)

Source: Reuters

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