Dow futures rise over 1600 points following coronavirus slowdown news. Stock futures closed with higher gains following Monday’s excessive rebound.
The Dow Jones Industrial Average pointed to a gain of more than 569 points and posted a jump of 639 points. The figures show its third-biggest point gain ever. S&P 500 futures and Nasdaq futures also displayed opening gains.
The results came after a slowdown in the virus death toll was reported in Asia.
On Tuesday, less than 50 new cases of infection were found in South Korea. China also reported no new deaths for the first time since January when it started revealing updates on virus spread.
The Dow Jones Industrial Average added 1627.46 points, or 7.73%, to close at 22,679.99. The Nasdaq Composite gained 7.3% to close at 7,913.24, while the S&P 500 surged 7% to 2,663.68. In the final rounds of the session, leading averages closed to their session highs.
Both China and South Korea have seen high growth in infection rates earlier in the outbreak.
In Monday’s press conference, President Donald Trump restated World Health Organization officials’ comments that the research to develop vaccines and treatments have “accelerated at incredible speed.”
The Cboe Volatility Index, known as the VIX, dropped 3.3% to 45.24 during Monday’s rally. The VIX traded a record high of 82.69. According to this figure, VIX has surpassed the peak level throughout the financial crisis.
“We still believe that the odds are quite high that the lows from March will be retested and probably undercut before this bear market comes to an end,” chief market strategist at Miller Tabak, Matt Maley said.
Caroline Kenny is the senior news reporter for News Fior She covers Science. Caroline graduated from the Honors College at the College of Charleston with bachelor’s degrees in communication and political science. She worked for Science Mag. She was a digital producer for Science Mag. She is a native of Long Island, New York.