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Wall Street rallies more than 7% after last week’s sell-off

New York: US stocks surged with all three major averages closing up more than 7 percent, after a setback in the previous week amid the COVID-19 pandemic.

On Monday, the Dow Jones Industrial Average soared 1627.46 points, or 7.73 per cent, to 22,679.99.

The S&P 500 increased 175.03 points, or 7.03 percent, to 2,663.68.

The Nasdaq Composite Index jumped 540.15 points, or 7.33 per cent, to 7,913.24, reported Xinhua news agency.

All 11 primary S&P 500 sectors closed noticeably higher, with technology and utilities up 8.78 per cent and 7.85 percent, respectively, outpacing the rest.

The massive rally came despite US President Donald Trump saying Sunday that Americans are bracing for probably the toughest week ahead and a lot of deaths will occur due to COVID-19.

“The US will reach a horrific point in terms of death,” Trump said, while voicing his optimism that “it will be a point where things will start changing for the better.”

The number of COVID-19 cases in the United States topped 350,000 as of 3.30 p.m. local time Monday (1930 GMT), according to the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University.

The fresh figure reached 352,546 with 10,389 deaths, according to the CSSE. US equities pulled back last week with data showing the coronavirus already hurting the economy.

For the week ending April 3, the Dow lost 2.7 per cent, the S&P 500 declined 2.1 per cent, and the Nasdaq fell 1.7 per cent.

“In the near term, we believe market performance primarily depends on how quickly economic activity can normalize following measures to contain the virus; and the extent to which policy responses can limit bankruptcies and job losses,” UBS Global Wealth Management’s Chief Investment Officer Mark Haefele said in a research note on Monday.

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