Dow soars 1600 points on hope cornavirus outbreak is slowing

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FILE – This Jan. 31, 2020 file photo shows a sign for Wall Street in New York. Stock markets were largely subdued Thursday, March 19, after days of massive volatility, as investors digested new financial support measures, including the European Central Bank’s promise to funnel 750 billion euros ($817 billion) into financial markets. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — A worldwide rally gained steam on Wall Street Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.

New York’s governor said the rate of increase of deaths could be approaching a plateau, but he cautioned it was far too early to say the worst had passed. European and Asian markets also rose. Bond yields rose as investors became somewhat less pessimistic about prospects for the economy.

The price of oil fell after a meeting between big producers about cutbacks was postponed

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