Wall Street takes another leap, led by health care stocks, bringing the market's surge over the past week to 17%. The S&P 500 rises more than 3% for its fourth gain in five days.
March 30, 2020 GMT
The rally tacked more gains onto a recent upswing for the market, which is coming off the best week for the S&P 500 in 11 years. Nascent optimism is budding that the worst of the selling may be approaching, but markets around the world are still tentative as global authorities try to nurse the economy through the pandemic. The S&P 500 remains 22.4% below its record set last month, and oil tumbled to an 18-year low.
“The market wants to see everything line up, and last week everything lined up,” said Nela Richardson, investment strategist at Edward Jones, referring to the unprecedented aid from the Fed and Congress. Oil started the year above $60 and has plunged on expectations that a weakened economy will burn less fuel. The world is awash in oil, meanwhile, as producers continue to pull more of it out of the ground.
Still, the 17.4% surge for stocks since last Monday has the first green shoots of optimism appearing.
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