New York: US stock markets jumped on Wednesday (US time) on hopeful signs about the coronavirus outbreak in the United States was close to a peak, with health insurers getting an additional lift from Bernie Sanders' decision to suspend his presidential campaign.

Stocks opened higher after President Donald Trump said Americans might be getting to the top of the "curve" in relation to the outbreak. New York Governor Andrew Cuomo said the state's efforts at social distancing were working in getting the virus under control in one of the biggest hotspots in the country.

Wall Street finished sharply higher, putting the s&P 500 back in bull market territory. Credit:NYSE

"The key focus of 'peak.' That seems to be on every investor’s mind right now is when will coronavirus cases peak," said Eric Freedman, chief investment officer at US Bank Wealth Management in North Carolina.

"At some point the economic considerations really start to materialise. Plus, what will that transmission mechanism be for the economy, meaning in what phase will the economy be restarted."