Dow Leads Historic Rally With Fourth Largest Percentage Gain Ever
The Dow Jones Industrial Average (^DJI) soared to the largest point gain in history on Tuesday. The index was the percentage leader for a historic market rally fueled by hopes the country would soon return to work and lawmakers would reach an agreement on legislation to combat the coronavirus (COVID-19).
The Dow Jones (^DJI) closed up +2,112.98 points, or 11.37% at 20,704.91, exceeding the record +1,985.00-point gain on March 13, 2020. Eight of the 10 largest point gains for the Dow Jones have occurred under the Trump Administration.
It is the fourth largest percentage gain for the Blue Chip Index, exceeded only by +12.34-point gain in 1929, a +14.87-point gain in 1931 and a +15.34-point gain in 1933.
The S&P 500 (^SPX) rallied +209.93 points to close 9.38% higher at 2,447.33. That’s the best day since 2008 for the S&P 500, the second largest point gain and the ninth largest percentage gain in history.
The NASDAQ Composite (^IXIC) closed up +557.18 points, or 8.12% to 7,417.86. That’s the second largest point gain in history for the index and ties the seventh largest percentage gain.
The Russell 2000 (^RUT) rallied +86.50 points, or 8.63% to close at 1,088.91.
Meanwhile, Wall Street’s uncertainty gauge is moving — both up and down — like never before in history.
The CBOE Volatility Index (^VIX) spiked last week to a record high close amid recession/depression fears driven by the coronavirus pandemic. It was the largest six-day gain on record.
Now, the opposite is occurring.
Since closing at a record 82.69 last week, the VIX tumbled below 60. On Tuesday, it closed up +0.08, or 0.13% at 61.67. That collapse for the VIX is rivaled only by a period marked as the worst of the financial crisis in November 2008.
