New York: US equities ended sharply higher with the Dow surging nearly 1,300 points, as Wall Street attempted to recover from last week’s steep losses. Also Read - Google Provides Easy Access to Mental Health Amid COVID-19, Offers Self-Assessment Test to Fight Anxiety
The Dow Jones Industrial Average soared 1293.96 points, or 5.09 per cent, to 26,703.32 on Monday. The 30-stock index notched its best one-day point gain in history and its best percentage gain since March 23, 2009, Xinhua reported, citing FactSet data. Also Read - George Floyd Murder: Colin Kaepernick, Who Protested Police Brutality by Kneeling During National Anthem Before NFL Games, Offers to Pay Lawyers For Minneapolis Protestors
The S&P 500 rallied 136.01 points, or 4.6 per cent, to 3,090.23. The Nasdaq Composite Index increased 384.8 points, or 4.49 per cent, to 8,952.17. Also Read - Minneapolis Cop Who Knelt on George Floyd's Neck Arrested, Charged With Third-degree Murder
Apple shares jumped 9.3 per cent, leading the gainers in the Dow.
All of the 11 primary S&P 500 sectors gained, with utilities and technology up 5.86 percent and 5.7 per cent, respectively, outpacing the rest.
The market movement followed a massive rout in the previous week.
US equities posted huge losses for the week ended February 28, as investors fled the stock market and flocked into safe-haven assets amid risk-averse sentiment.
For the week, the blue-chip Dow plunged nearly 3,600 points, or over 12 per cent. The broader S&P 500 and the Nasdaq both declined more than 10 per cent.
On the data front, US manufacturing purchasing managers’ index registered 50.1 per cent in February, down 0.8 percentage point from the January reading of 50.9 per cent, the Institute for Supply Management reported Monday.
Any reading above 50 per cent indicates expansion of the sector.