Stocks jumped Wednesday morning and clawed back much of their sharp losses from the day before as Wall Street’s wild, virus-fueled swings extend into a third week.
The S&P 500 was up 2.9%, as of 1:24 p.m. EST. It has recovered all of its loss from the day before, when worries flared about how effective rate cuts can be in a health crisis. The Dow Jones industrial average surged 833 points, or 3.2%, to 26,750 and the Nasdaq rose 2.8%.Some measures of fear in the market eased, but Treasury yields fell again toward more record lows in a sign that the bond market remains concerned about the economic pain possible from the fast-spreading virus.
The Bank of England has a meeting on March 26 on interest rates. The European Central Bank and others around the world have already cut rates below zero, meanwhile, which limits their monetary policy firepower. But economists say they could make other moves, such as freeing up banks to lend more.An indicator of fear in the market, which measures how much traders are paying to protect themselves from future swings for the S&P 500, eased by nearly 16% in afternoon trading.
Healthcare stocks in the S&P 500 jumped 4.4% for the biggest gain by far among the 11 sectors that make up the index. UnitedHealth Group rose 9.5%, Anthem jumped 14.6% and Cigna climbed 10.6%.
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