By Associated Press
The movements followed up on strong gains in Europe, where authorities proposed a 750 billion euro ($825 billion) recovery fund to help carry the region through the recession caused by the response to the coronavirus pandemic.
The benchmark S&P 500 ended a choppy day of trading up 1.5% at 3,036.13. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.30% jumped 2.2%, to 25,548.27, its first close above 25,000 points since March.
The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.39% recovered from an early slide, adding 0.8% to 9,412.36. Small company stocks, which have lagged the broader market this year, were big gainers, with the Russell 2000 index /zigman2/quotes/210598147/delayed RUT +0.99% surging 3.1% to 1,436.36.
“A steady stream of economic revival indications underpinned the latest rally on Wall Street, inducing the market to brush aside simmering tensions between the U.S. and China,” Jingyi Pan of IG said in a commentary.
Some big technology companies that had been stalwarts during the market’s sell-off took a step back Wednesday, which kept the market’s gains in check in the early going. Microsoft /zigman2/quotes/207732364/composite MSFT -1.99% bounced back from a loss to finish with a gain of 0.1%, but Amazon /zigman2/quotes/210331248/composite AMZN -0.61% fell 0.5% and Nvidia /zigman2/quotes/200467500/composite NVDA -0.31% dropped 2.2%. All three remain up at least 15% for the year so far.
The S&P 500 is now down only 10.3% from its record high in February, before it plunged nearly 34% in March on sell-offs propelled by worries over the coming recession.
Gains first driven by massive stimulus from the Federal Reserve and Capitol Hill have accelerated recently on hopes growth will revive as governments ease up on business-shutdown orders meant to slow the spread of the coronavirus.
In other trading, bond yields were mixed. The yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.70% on the 10-year Treasury held steady at 0.69%.
U.S. crude oil /zigman2/quotes/211629951/delayed CL.1 +1.14% for delivery in July lost $1.43 to $31.38 per barrel in electronic trading on the New York Mercantile Exchange. It fell $1.54 on Wednesday to settle at $32.81 per barrel.
July Brent crude , the international standard, dropped $1.04 to $34.41 per barrel.
The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1482% bought 107.78 Japanese yen, up from 107.72 yen late Wednesday. The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.0682% rose to $1.1010 from $1.1006. .