Dow, NASDAQ mark largest single-day gain in history as markets rebound from coronavirus slump

(USA Features) U.S. stocks surged on Monday as Wall Street recorded record single-day gains in a rebound from its worst week since the Great Recession of 2008 on news that the Trump administration made more progress in plans to combat the coronavirus.

The Dow Jones Industrial Average climbed more than 1,294 points, or 5 percent, in its biggest point gain ever. The same is true for the NASDAQ and S&P 500 indexes, rising 384 and 136 points respectively.

Markets tanked last week on fears of a wider outbreak of coronavirus in the United States. The Dow sank 3,500 points.

All the major indices were attempting to ward off an eighth straight day of losses, something that has not occurred since the Friday before the 2016 election.

Economists noted that consumer goods names rallied quite a bit amid signs that consumers were hoarding supplies in case the outbreak resulted in lengthy home quarantines.

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