Dow has the biggest daily jump since 2009 as Wall Street buys the plunge

(Reuters) – The Dow Jones Industrial Average jumped more than 5% on Monday while the S&P 500 and Nasdaq each jumped more than 4% in a major rebound after last week's strong sale triggered by fears over the coronavirus.

After the stock market extended gains in the closing minutes of the session, the Dow closed its biggest gain in a day since 2009, while the S&P 500 and Nasdaq each had their biggest gain in a day since December 2018.

This rally followed the worst week in the US stock market since the 2008 financial crisis, sinking into corrective territory on Thursday due to fears of a recession resulting from the epidemic.

The S&P 500 remains down 8.7% from its record close on February 19. Many investors will consider that the index will remain in a correction until it recovers from its high.

Apple jumped 9.3% in its largest single-session jump since 2008. The iPhone maker is still down nearly 9% from its record high on February 12.

Bank of Japan Governor Haruhiko Kuroda said on Monday that Japan's central bank would take the necessary steps to stabilize the financial markets. This follows a similar decision made by Fed President Jerome Powell last Friday.

"We can ignore an economic slowdown, but if it starts to affect the ability of companies to pay their debts, it creates deeper problems. But it seems to me that central banks are pulling together to find a way to isolate credit markets from economic uncertainty, "said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago.

Traders see a 100% probability of falling 50 basis points at the March Fed meeting, according to CME Group's FedWatch tool.

The Dow Jones Industrial Average jumped 5.09% to end at 26,703.32 points, while the S&P 500 jumped 4.60% to 3,090.23.

The Nasdaq Composite added 4.49% to 8,952.17.

Exchanges have been very busy on the US stock exchanges, with 14 billion shares changing hands against an average of 9.5 billion shares in the past 20 days.

The S&P 500 Information Technology Index jumped 5.7% in its strongest session since December 2018.

The Institute for Supply Management said domestic manufacturing activity had barely increased last month due to supply issues resulting from the virus epidemic.

"The Fed can cut rates anything it wants, which will not put a person in a factory producing a product if that person is quarantined," said Randy Frederick, vice president of trade and products derived from Charles Schwab in Austin, Texas.

"I don't think (monetary policy) solves the problem … This is both supply and demand, it will help but it won't solve the problem."

Cancer drug developer Forty Seven Inc soared 62% after counterpart Gilead Sciences made a $ 4.9 billion offer to the company. Gilead jumped 8.71%.

Surgical mask maker Alpha Pro Tech Ltd has dropped 22% but has remained above 350% since the start of the year.

Growing issues outnumbered declining ones on the NYSE by 4.32 to 1; on the Nasdaq, a ratio of 2.69 to 1 favored the advancers.

The S&P 500 posted no new 52-week highs and 18 new lows; Nasdaq Composite recorded 27 new highs and 149 new lows.

Additional reports from Ambar Warrick and Sanjana Shivdas in Bengaluru; Editing by Nick Zieminski, Chizu Nomiyama and Lisa Shumaker

Our standards:Principles of the Thomson Reuters Trust.

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