US stocks rally amid coronavirus stimulus

US equities ended higher as market sentiment was lifted by the progress in a coronavirus relief package.

On Friday, the Dow Jones Industrial Average increased 260.01 points, or 1.11 per cent, to 23,775.27. The S&P 500 rose 38.94 points, or 1.39 per cent, to 2,836.74. The Nasdaq Composite Index was up 139.77 points, or 1.65 per cent, to 8,634.52, reported Xinhua news agency.

All the 11 primary S&P 500 sectors closed higher, with technology up 2.11 per cent, outpacing the rest.

US President Donald Trump on Friday signed into law a US $484 billion relief package to boost funding for small businesses, hospitals and virus testing, as the country grapples with COVID-19 public health crisis and its economic fallout.

As of Friday afternoon, more than 886,000 confirmed COVID-19 cases have been reported in the United States, with 50,780 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.

Meanwhile, investors were partly relieved as oil prices continued to rebound from their recent historic slumps.

Oil prices settled higher on Friday, extending a two-day winning streak that saw West Texas Intermediate gain more than 40 per cent.-IANS