Wall Street roared back to life on Tuesday, rebounding from the brink of bear market confirmation as bargain hunting and hopes of government stimulus calmed investors’ fears surrounding the coronavirus and growing signs of imminent recession.
The Dow Jones Industrial Average rose 1,167.14 points, or 4.89 per cent, to 25,018.16, the S&P 500 gained 135.67 points, or 4.94 per cent, to 2,882.23 and the Nasdaq Composite added 393.58 points, or 4.95 per cent, to 8,344.25. The TSX was up 443 points at 14,958.
The S&P 500 rallied 4.9 per cent as investors digested a trickle of news that President Donald Trump and his team are looking at measures including cutting payroll taxes and aiding ailing businesses like airlines and cruise operators. Stocks whipsawed throughout another wild day on Wall Street, wiping out a gain of 3.5 per cent to turn negative before a furious rally in the final two hours