Stocks ended higher Thursday, wrapping up big week of gains. The S&P 500 gained 1.4%, while the Dow added 285 points, or 1.2%. The Nasdaq closed nearly 0.8% higher. The U.S. stock market will be closed tomorrow for Good Friday.
For the week, the S&P 500 surged 12.1%. That was its biggest one-week gain since 1974, when it rallied more than 14%. The Nasdaq had its best week since 2009, jumping 10.6%. The Dow soared more than 12% for the week.
Wall Street’s weekly surge comes amid increasing hope that the situation around the coronavirus was improving. The number of new daily confirmed cases has dropped globally and in the U.S. New York state has also reported a decline in its virus-related hospitalization rate, in recent days.
After Thursday’s rally, the Dow is up more than 27% from its March closing low, but still down 16.9% this year.