GLOBAL MARKETS-Stocks rally on recovery, stimulus hopes; US$ gains

The Dow Jones Industrial Average rose 454.45 points, or 1.59%, to 29,100.11, the S&P 500 gained 54.13 points, or 1.53%, at 3,580.78 and the Nasdaq Composite added 116.78 points, or 0.98%, at 12,056.44. The climb marked the biggest daily percentage gain for the S&P since July 6.

NEW YORK: A gauge of global stocks rallied about 1% to an intraday record on Wednesday as investors looked to improving economic data and U.S. congressional negotiations for more stimulus to support the rebound from coronavirus-fueled lockdowns.

On Wall Street, each of the three major equity indexes moved higher, but gains were led by defensive sectors such as utilities as the high-flying tech sector paused.