Dow surges 5% on hopes for central bank help on the economy

NEW YORK (AP) - The Dow Jones Industrial Average surged nearly 1,300 points, or 5%, on hopes that central banks will take action to shelter the global economy from the effects of the coronavirus outbreak.

The huge gains Monday clawed back some of the ground lost in a massive sell-off last week.

Technology companies led the gains.

The Dow jumped 1,293 points to 26,703. It was the biggest-ever point gain for the Dow and the biggest percentage gain since March 2009.

The S&P 500 index rose 135 points, or 4.6%, to 3,089. The Nasdaq added 384 points, or 4.5%, to 8,952.

Bond prices rose again, sending yields lower.

Copyright 2020 Associated Press. All rights reserved.