After major U.S. indexes plummeted on yesterday as the coronavirus spread unabated, the markets rose today. Investors got a boost from support plans discussed by the Trump administration and the Federal Reserve’s announcement of measures to help companies seeking short-term funding.
The S&P 500 was up 3.7% to 2,473.80 during midday trading.
The Dow Jones Industrial Average rose 3.1% to 20,812.52.
The Nasdaq climbed 4.4% to 7.207.30.
The yield on a 10-year Treasury bond soared 21% to 0.881%.
The price of gold increased 3% to $1,530.90.
The price for a barrel of oil fell to 1.6% to $28.23.
Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach fell 7.3% to $530 per share for a market cap of $14.8 billion. The hospitality sector has been hard hit by restaurant closures and restrictions during the coronavirus pandemic.
Ensign Group Inc. (NASDAQ: ENSG) rose 15% to $28.82 per share for a market cap of $1.5 billion. The Mission Viejo-based healthcare facilities operator. Zacks Equity Research earlier in the day listed Ensign as one of five high earnings yield stocks to bet on during the coronavirus scare.