Stocks jump on Wall Street after last week’s losses from coronavirus pandemic

Wall Street rebounded on Monday from a steep selloff last week as investors looked at signs the coronavirus pandemic could soon move beyond its peak.

The Dow Jones Industrial Average jumped more than 1,000 points, or 4.8%, after the opening bell. The S&P 500 soared 4.6%, and the Nasdaq rose 4.5%.

While the White House said this week likely will be the worst for places like New York, officials also pointed to stabilizing hospital rates and other factors as reasons for optimism. Slowing death rates in Europe offered hope that the crisis has peaked there.

Also boosting markets, Russia and Saudi Arabia are believed to be near a deal to cut oil production after engaging in a price war.