A jump in the price of oil and the promise of more government stimulus to ease the economic pain inflicted by the coronavirus pandemic helped global equity markets surge on Wednesday, prompting investors to edge out of perceived safe-haven assets like U.S. Treasuries.

U.S. crude and Brent both rose more than 7% after touching their lowest levels since 1999 on the prospects for further production cuts to reduce the glut in the oil market.

MSCI’s gauge of stocks across the globe> gained 1.76% following a broad rally in Europe and slight losses in Asia.

On Wall Street, the Dow Jones Industrial Average rose 450.7 points, or 1.96%, to 23,469.58, the S&P 500 gained 62.14 points, or 2.27%, to 2,798.7 and the Nasdaq Composite added 232.15 points, or 2.81%, to 8,495.38.

A historic two-day plunge in the oil market, which sent futures contracts negative for the first time in history, had erased more than 1,000 points from the Dow before Wednesday’s open.