Dow futures point to 600 point opening gain following Monday’s sharp rebound

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Dow

Stock futures pointed to a Tuesday opening jump in early morning trade, building on a steep rebound in the previous session.

At around 5 a.m. ET, futures for the Dow Jones Industrial Average jumped 639 points, pointing to a gain of more than 569 points at Tuesday’s open. S&P 500 futures and Nasdaq futures also pointed to opening gains.

The moves came after a series of positive coronavirus developments were reported in Asia.

South Korea reported Tuesday less than 50 new cases of infection for the second day running. China also posted no new deaths as of April 6 for the first time since January when it started publishing daily updates.

The two Asian countries were among those which saw spikes in infection rates earlier in the outbreak, with the first cases being reported out of China.

Stocks surged on Monday as a slew of coronavirus headlines pointed to a potential stabilization in the U.S. The Dow soared 1,600 points, posting its third biggest point gain ever. The S&P 500 jumped 7% to its highest level since March 13. With Monday’s rally, the S&P 500 bounced about 20% from its 52-week low on March 23.

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