Traders work on the floor at the New York Stock Exchange, October 25, 2019.

Dow Jones Industrial Average jumps 483 points

The Dow surged 483.22 points, or 1.68% to 29,290.85. The S&P 500 soared 1.13% to 3,334.69. The Nasdaq Composite advanced 0.43% to 9,508.68. Stocks rose broadly as investors bet the worst may be over for the coronavirus outbreak.

Coronavirus fears done?

Wednesday's rally erased the S&P 500's losses from the past two weeks, which were sparked by fears that the coronavirus would hinder global economic growth. Confirmed coronavirus cases in China are , claiming the lives of 490 people. However, Dave Lafferty of Natixis Investment Managers notes the virus "doesn't seem to be the open-ended risk it was last week." A strategist at Jefferies also said the number of new reported cases may be slowing. To be sure, if the virus takes longer than expected to be contained or if there's a surge in new cases, stocks could suffer through another volatile spell.

Tesla tumbles

Tesla shares plummeted 17.18% in one of its worst days ever amid news the electric car maker will delay Model 3 deliveries in China due to the coronavirus.

What happens next?

Uber is slated to report earnings along with Twitter. Weekly jobless claims data is also on deck for Thursday. Read more here.

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