U.S. stocks soared with the biggest gains in nearly two weeks amid signs that the coronavirus outbreak could be plateauing in some hot spots
The gains marked the biggest daily percentage rise for each index since March 24.
S&P 500 companies are expected to enter an earnings recession in 2020, with declines in profit in the first and second quarters, according to IBES data from Refinitiv, as demand evaporates across sectors such as airlines, luxury goods and industrials. First-quarter expectations now call for an earnings decline of 6% from the year-ago period.
Video conferencing app Zoom fell 4.1% on concerns over its data-privacy practices and increased competition from deep-pocketed rivals. Advancing issues outnumbered declining ones on the NYSE by a 8.09-to-1 ratio; on Nasdaq, a 5.68-to-1 ratio favored advancers.
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