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Stock futures rise 150 points despite coronavirus spread

Dow futures rose more than 100 points late Sunday, erasing earlier losses, in a sign more wild swings in markets are likely this week amid reports the coronavirus is spreading in the U.S. and globally.

The broader Standard & Poor’s 500 stock index futures were up 0.2%.

The Dow was down as much as 500 points earlier in the day. Investors are reacting to the spread of the outbreak but also trying to assess if last week’s historic sell-off may have overstated the epidemic’s effects on the economy and earnings.

“With global markets historically oversold, a big bounce could happen if we can get any type of good news,” said Ryan Detrick, senior market strategist at LPL Ffinancial.

Last week, the Dow Jones industrial average tumbled more than 3,500 points, or 12%, its worst week since the 2008 financial crisis. The S&P 500 index slid 11.5%.

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