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3/4, 10:00 PM (Source: TeleTrader)
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Dow jumps 1,100 pts at close

Major stock market indexes in the United States finished significantly higher on Wednesday with the Dow Jones Industrial Average jumping over 1,000 points in the last minutes of trading. After yesterday's Federal Reserve's decision to cut the interest rate, its so-called Beige Book revealed that economic activity in the United States expanded at a modest to moderate rate in the last several weeks. The ISM non-manufacturing index stood at 57.3%, rising from 55.5% recorded a month earlier and topping market estimates.

However, the activity in the services sector in the United States decreased in February to its lowest level in four years. Meanwhile, fears regarding the spreading coronavirus are not winding down. The current death toll from the coronavirus in the United States stands at 11. Congressional leaders reached a bipartisan deal earlier in the day over an $8 billion emergency funding bill to combat the epidemic.

The Dow surged 4.53% at the end of the day with UnitedHealth Group Inc leading the index higher by increasing 10.72%. The Nasdaq 100 ended 4.13% higher with Seattle Genetics finishing 7.99% up. The S&P 500 gained 4.22% at the closing bell as Anthem Inc stocks jumped 15.66%.

The euro stood flat against the dollar to go for 1.11362 at 4:01 pm ET.

Breaking the News / TF