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Wall Street rebounds following Monday’s crash

  • Major US equity indexes rebound sharply on Tuesday.
  • Energy and financial shares lead the rally after the opening bell.

Wall Street’s main indexes started the second day of the week decisively higher after posting their largest daily percentage losses since 2008 on Monday. As of writing, the Dow Jones Industrial Average was up 3.9% on the day while the S&P 500 and the Nasdaq Composite were adding 3.75% and 3.7%, respectively.

Heightened hopes of White House preparing an economic response package to counter the negative impact of the coronavirus outbreak and bargain-shopping seems to be providing a boost to US stocks on Tuesday.

However, CNBC reported that the Trump administration was not yet ready to roll out the economic measures and the mood could turn negative if investors are not convinced that the US government is committed to tackling that issue.

Among the 11-major S&P 500 sectors, the Energy Index is up 6.8% on surging crude oil prices in the early to lead the rally. Additionally, the Fİnancials Index, which suffered heavy losses on plummeting US Treasury bond yields, is up nearly 5%. 

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