NEW YORK - Wall Street stocks jumped on Tuesday , gaining for a second straight session as fears eased over an economic hit from the coronavirus outbreak in China.
Despite more cases, the rise"was not enough to cause panic on Wall Street, or to increase the fear that China and other countries won't be able to get it under control," said Tom Cahill, portfolio strategist at Ventura Wealth Management The Dow Jones Industrial Average gained 1.4 per cent to finish the session at 28,807.63.
The gains Tuesday added to the February recovery following Friday's rout on rising fears that the virus outbreak would derail global growth, even as officials have confirmed that growth will take a hit at least in the first quarter. Still, World Bank President David Malpass said the international organisation plans to revise its global growth forecast downwards due to the outbreak, on an expected slowdown in China and the likely hit to global supply chains that depend on the country.