Technology companies led a broad rally on Wall Street Tuesday that drove the Dow Jones Industrial Average more than 400 points higher and gave the S&P 500 its best day in more than five months. The gains also pushed the tech-heavy Nasdaq to an all-time high.
Investors welcomed a decision by China’s central bank to inject $57 billion into its markets. The move is the latest step by Beijing to soften the financial blow of the recent virus outbreak.
The S&P 500 index rose 48.67 points, or 1.5%, to 3,297.59. It was the index’s biggest single-day gain since early August. The Dow climbed 407.82 points, or 1.4%, to 28,807.63.
The Nasdaq gained 194.57 points, or 2.1%, to 9,467.97, a record high. The Russell 2000 index of smaller company stocks picked up 24.56 points, or 1.5%, to 1,656.77.