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Markets Surge 7% on Glimmers of Hope

Deadliness of outbreak could be slowing in areas
By Newser Editors and Wire Services
Posted Apr 6, 2020 3:18 PM CDT

(Newser) – A worldwide rally gained steam on Wall Street Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas. New York’s governor said the rate of increase of deaths could be approaching a plateau, but he cautioned it was far too early to say the worst had passed. The Dow closed up 1,627 points at 22,680. The S&P 500 closed up 175 points; the Nasdaq ended the day up 540 points.

European and Asian markets also rose. Bond yields rose as investors became somewhat less pessimistic about prospects for the economy. The price of oil fell after a meeting between big producers about cutbacks was postponed.

(Read more stock market stories.)

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