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Bloomberg
The S&P/ASX 200 index erased an early loss and surged out of bear market territory amid hopes for government measures that will offset the economic impact of the spreading coronavirus.
Australia’s benchmark index rose 3.1% to close at 5,939.6, its largest gain since November 2016, after having earlier declined as much as 3.9%. The market flirted with a bear run, briefly falling more than 20% from its February 20 record amid growing concerns over the virus and a sharp plunge in oil prices.
The S&P/ASX 200 index followed US stock futures higher after President Donald Trump promised “very substantial
relief†for the economy as the coronavirus spreads.