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Dow Rallies Over 1,100 Points After Worst Session Since 2008

11 March 2020


New York:  US stocks closed sharply higher on Tuesday with the Dow up more than 1,100 points, as Wall Street tried to recover from the previous session's massive rout.

The Dow Jones Industrial Average surged 1,167.14 points, or 4.89 per cent, to 25,018.16. The S&P 500 climbed 135.67 points, or 4.94 per cent, to 2,882.23. The Nasdaq Composite Index rose 393.58 points, or 4.95 per cent, to 8,344.25, Xinhua reported.

Shares of JPMorgan Chase soared 7.8 per cent, leading the advancers in the Dow.

Shares of major US tech giants, including Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all closed higher, contributing to the market gains.

Of the 11 primary S&P 500 sectors, both technology and financials climbed more than 6 per cent, outpacing the rest.

The market movement followed Wall Street's worst session since 2008.

All three major US stock indexes tumbled more than 7 per cent a few minutes after the markets opened on Monday. The massive sell-off triggered a key market circuit breaker and halted trading for 15 minutes.

The Dow closed down more than 2,000 points, marking its worst day since 2008, amid concerns over oil price plunges and the continued spread of the coronavirus.

Failure to strike a deal on oil production cuts between the Organization of the Petroleum Exporting Countries and its allies, led by Russia, had previously sent oil prices into a nosedive and sparked fears of a possible price war.