Dow rallies 780 points amid hopes in virus battle

US stocks rallied with the Dow closing up about 780 points amid growing hopes in the fight against the COVID-19 pandemic.

On Wednesday, the Dow Jones Industrial Average jumped 779.71 points, or 3.44 per cent, to 23,433.57. The S&P 500 rose 90.57 points, or 3.41 per cent, to 2,749.98. The Nasdaq Composite Index increased 203.64 points, or 2.58 per cent, to 8,090.90, Xinhua news agency reported.

All the 11 primary S&P 500 sectors ended higher, with real estate and energy up 7.41 per cent and 6.74 per cent, respectively, outperforming the rest.

Sentiment remains volatile, but investors stay hopeful about a potential slowdown in the growth of novel coronavirus cases, experts noted.

More than 419,000 confirmed cases have been reported in the United States as of Wednesday afternoon, with 14,262 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.

The market also found some support after US Democratic presidential candidate Bernie Sanders dropped out of the race Wednesday, paving the way for the party's only remaining candidate Joe Biden to become the Democratic nominee.

The news boosted the market mood as Biden is viewed by Wall Street as a more market-friendly candidate than Sanders, according to analysts. - IANS