Global Markets Rally After 2-Day Losing Trend


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WASHINGTON - U.S. stocks rallied after a two-day losing streak and finished higher Wednesday, following stabilization of U.S. crude oil prices and additional government stimulus.

The Dow Jones Industrial average rose nearly 2% or 457 points to close at 23,476.

The S&P 500 finished 2.3% higher, gaining more than 62 points to close at almost 2,800.

The Nasdaq Composite was up 2.8% or 232 points to close at 8,495.

European markets also rebounded Wednesday.

The Stoxx Europe 600 index rose 1.8% to 330.14, after tumbling 3.4% on Tuesday.

The FTSE in London gained 2.3% and Germany's DAX index rose 1.6%, while the CAC 40 in Paris was up 1.2%.

Numbers up for Asia markets

Nearly all of Asia's stock exchanges enjoyed higher numbers Wednesday, with Hong Kong, Seoul, Shanghai and Taipei ending the day with slight gains. Sydney's S&P/ASX index finished the day flat, while Tokyo's Nikkei index closed 0.7% lower.

Investors showed optimism amid signs that slashed oil prices are stabilizing and that a new stimulus package might slow the economic downslide.

The oil market is far from recovered as the coronavirus keeps people at home and cuts the need for oil, which has created a storage problem for producers.

In oil futures trading, the U.S. benchmark West Texas Intermediate crude oil gained 19% to settle at $14.23 a barrel.

Brent crude oil, the international benchmark, traded at almost $21 per barrel, recovering from a historic low of minus $37.63 a barrel on Monday, the first time oil prices had ever fallen into negative territory.