The daily business briefing: March 3, 2020

The Dow rebounds with its biggest percentage gain since 2009, former GE leader Jack Welch dies at 84, and more 

Jack Welch in NYC
(Image credit: Mike Coppola/Getty Images for LinkedIn)

1. Dow rebounds with biggest 1-day point gain ever

The Dow Jones Industrial Average closed up 1,293 points or 5.1 percent on Monday, rebounding from a slump stemming from coronavirus fears. It was the Dow's biggest one-day point gain of all time and its biggest percentage gain since 2009. The rise comes "on hopes that central banks will take action to shelter the global economy" from the coronavirus' effects, The Associated Press reports. The Nasdaq Composite also rose 384 points, or 8.5 percent, and the S&P 500 rose 135 points, or 4.6 percent. Last week was the Dow's worst since the 2008 financial crisis, with a loss of more than 3,000 points. U.S. stock index futures surged further early Tuesday.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.