The Dow soared nearly 1,300 points, or about 5%, snapping its seven-day losing streak. This marks the index's biggest one-day point gain in history.
Stocks are coming off their worst week since the 2008 financial crisis. The Dow last week dropped 12.4%, while the S&P 500 plunged 11.5%.The Dow also recorded its worst one-day point drop in history on Thursday."If [the market is] priced to perfection and then something indicates that the perfection is a pipe dream, prices will come off," said Brad Cornell, emeritus professor of finance at UCLA, of last week's selloff. Prices are much more reasonable now, he added.
The Bank of Japan said it would provide"ample liquidity" to keep financial markets stable and the Bank of England also pledged to do what's necessary for the British economy's stability.The Federal Reserve next meets on March 18 and market expectations for a half-percentage point interest rate cut are at 100%, according to the CME's FedWatch Tool.
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