Traders work on the floor at the New York Stock Exchange, October 25, 2019.
Brendan McDermid | Reuters

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.