Share
News

Stock Market Surges to Biggest Day of Gains in Over a Decade

Share

Stocks regained a large portion of their losses Monday after a massive decline propelled by anxieties over the new coronavirus.

The Dow Jones Industrial Average climbed 5.1 percent, or 1,293 points higher, while the S&P 500 rose 4.6 percent and the Nasdaq Composite climbed 4.5 percent, CNBC reported.

The stocks’ gains came after seven days of losses for both Dow and S&P 500.

Trending:
I Miss Melania: Jill Biden Unveils Horrible Christmas Decorations for White House

The Dow Jones surge is the biggest percentage gain since March 2009, according to USA Today, and the largest-ever point gain for the blue-chip average.

The surge in stocks comes after they sank more than 3,500 points amid anxieties over the spreading coronavirus. The Dow had sunken more than 1,000 points, according to CNBC.

“The market has been conditioned to buy on any weakness,” Keith Buchanan, portfolio manager at Globalt, told CNBC. “I think we’ll look back at these past few years at some point as some level of complacency.”

“Buying the dip takes more bravery now,” Buchanan said.

Despite government-issued travel warnings and restrictions, the coronavirus continues to spread throughout the world.

Two people in Washington state have now died from the virus, according to the Washington State Department of Health.

Democratic New York Gov. Andrew Cuomo announced Sunday that New York confirmed its first case of the virus.

The Rhode Island Department of Health also announced the state’s first case of the coronavirus Sunday.

There are at least 89 confirmed cases of the virus in the U.S., according to the Centers for Disease Control and Prevention and state health departments, CBS reports.

Related:
WHO and Fauci Fuel Fears About New COVID Variant, Send Stock Market Tumbling

The U.S. Food and Drug Administration has taken steps beginning Saturday to dramatically expand testing for the virus.

Government officials are preparing for a significant global impact from the virus, according to a Department of Defense document obtained by Newsweek. Officials predict that the coronavirus will “likely” become a global pandemic within a month.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

A version of this article appeared on The Daily Caller News Foundation website.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , ,
Share
Founded by Tucker Carlson, a 25-year veteran of print and broadcast media, and Neil Patel, former chief policy adviser to Vice President Dick Cheney, The Daily Caller News Foundation is a 501(c)(3) non-profit providing original investigative reporting from a team of professional reporters that operates for the public benefit.




Conversation

Notice: Due to threatened de-monetization, we have temporarily removed commenting while we build a long-term commenting solution that allows you to voice your opinion freely and allows us to continue to publish the news fearlessly and cover topics that you care about. If you would like to personally partner with The Western Journal to help us continue publishing while under relentless assault by Big Tech, please visit our subscription page here. We encourage you to share this article and discuss with your friends.