The Dow Jones Industrial Average rose 690.7 points, or 3.19 per cent, to 22,327.48, the S&P 500 gained 85.18 points, or 3.35 per cent, to 2,626.65. — Reuters pic
Abbott Laboratories climbed 6.41 per cent after winning US approval for a diagnostic test for Covid-19. Each of Wall Street's three major indexes remain down more than 20 per cent from the February highs, but investors are now trying to assess the economic damage and identify which companies will be on solid footing when the economy begins to accelerate.
The Dow Jones Industrial Average rose 690.7 points, or 3.19 per cent, to 22,327.48, the S&P 500 gained 85.18 points, or 3.35 per cent, to 2,626.65 and the Nasdaq Composite added 271.77 points, or 3.62 per cent, to 7,774.15. However, the prospect of more government stimulus has given investors something to hold on to as they wait for signs of economic relief. Upcoming data is likely to confirm damage to the economy, but how much has been priced in by the market remained to be seen.
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