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Wall Street rallies, led by healthcare stocks; Dow Jones, S&P rise over 3%

The Dow Jones Industrial Average rose 690.7 points, or 3.19%, to 22,327.48, the S&P 500 gained 85.18 points, or 3.35%, to 2,626.65 and the Nasdaq Composite added 271.77 points, or 3.62%, to 7,774.15

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JP Morgan Chase & Co said on Saturday it expected real US gross domestic product to fall 10% in the first quarter and plunge 25% in the second quarter

US stocks rose on Monday, led in part by healthcare stocks as investors looked for shares that have become cheap and can withstand the impact to the economy from efforts to stem the spread of the coronavirus.The S&P healthcare sector jumped 4.67%, in part due to gains in Johnson & Johnson and Abbot Laboratories.JNJ surged 8.00% on the US government's plans to help fund the creation of enough manufacturing capacity for its coronavirus vaccine, currently under development.

Abbott Laboratories climbed 6.41% after winning USapproval for a diagnostic test for COVID-19.Along with healthcare, the technology sector also rose more than 4%

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First Published: Mar 31 2020 | 3:20 AM IST

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