New Zealand markets close in 1 hour 19 minutes

Dow surges 1,000 points

A frantic rally at the market open Wall Street Monday. The Dow shot up more than 1000 points boosted by hopes that the coronavirus outbreak could soon level off in the hardest hit areas.

Defensive sectors like utilities and consumer staples led the rally, lifting the blue chip index 5% in early trading. The S&P 500 and Nasdaq jumped more than 4%.

Interest-sensitive bank stocks Citigroup, Bank of America and JPMorgan Chase were among the big gainers, tracking the rise in Treasury yields. Separately, JPMorgan Chase CEO Jamie Dimon wrote in his annual letter to shareholders that he sees a "bad recession" in 2020.

Zoom didn't participate in the rally, dropping sharply. Shares of the videoconferencing app fell on security concerns and increased competition from deep-pocketed rivals.

Despite the market rebound, analysts warned against saying the steep sell-off was over. During the 2007-2008 financial crisis, the S&P 500 took months to establish a bottom.