Stocks rebound on hopes of government action against coronavirus

Business

NEW YORK — Stocks closed sharply higher on Wall Street Tuesday on hopes that the U.S. and other governments will cushion the global economy from the pain of the coronavirus.

The broad gains pushed the Dow Jones Industrial Average more than 1,100 points higher. The gain makes up more than half of the index’s loss on Monday, which was the steepest drop since the financial crisis of 2008.

U.S. stocks are now down 14.9% from the peak they reached last month. Bond yields rose. 

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