Stocks rallied on some signs the coronavirus outbreak is either leveling off or easing, with traders assessing the first reports of the cloudy corporate earnings season.
The S&P 500 jumped to a one-month high while giant technology companies pushed the Nasdaq 100 through its 50, 100 and 200-day moving averages. Johnson & Johnson surged after posting stronger sales and boosting its quarterly dividend. Meanwhile, JPMorgan Chase & Co. and Wells Fargo & Co. slumped as their profits were hit by major provisions. Treasuries rose, the U.S. dollar retreated against its major peers and oil tumbled.
The Dow Jones Industrial Average rose 560.43 points, or 2.4 per cent, to 23,951.2, the S&P 500 gained 84.12 points, or 3.05 per cent, to 2,845.75 and the Nasdaq Composite added 323.32 points, or 3.95 per cent, to 8,515.74.
Canada’s main stock index resumed its climb in a broad-based rally despite another drop in crude