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Dow, S&P, Nasdaq, tech stocks all up

The Dow bounced back resoundingly from last week’s brutal coronavirus-related selloff, surging nearly 1,300 points on news that global central banks were poised to provide stimulus to combat the outbreak’s effects on the economy and markets.

The gains offset a little more than a third of last week’s historic losses.

Many investors also likely reckoned the market’s plunge may have overstated the risks to the economy and corporate earnings, some analysts say.

“Investors decided it seemed overdone,” says Chris Zaccarelli, chief investment officer of Independent Advisor Alliance.

Perhaps more significant, he says, is that central banks, including the U.S. Federal Reserve, are poised to cut interest rates or take other are taking steps to stimulate borrowing and economic activity. 

The Dow Jones Industrial Average surged more than 1,293 points, or 5%, to 26,703 in its biggest one-day point gain ever and the largest percentage increase since March 2009. The S&P 500 index rose 136 points, or 4.6%, to 3,090. The Nasdaq added 385 points, or 4.5%, to 8,952.

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