BUSINESS Dow jump 4.9% as US stocks bounce back after rout

BUSINESS

Dow jump 4.9% as US stocks bounce back after rout

AFP

22:02, March 13, 2020

Wall Street stocks surged in opening trading Friday, winning back some of the ground lost in Thursday's rout as Washington policymakers reported progress on stimulus to address to economic hit from the coronavirus.

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File photo

A couple of minutes into trading, the Dow Jones Industrial Average was up 4.9 percent to 22,247.57, a gain of more than 1,000 points.

The broad-based S&P 500 climbed 5.4 percent to 2,613.59, while the tech-rich Nasdaq Composite Index advanced 5.4 percent to 7,591.96.

The gains came a day after the Dow suffered its worst session since 1987 and the longest bull market ever ended as the S&P 500 officially went into a "bear market," after falling 20 percent from its peak level.

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