CORONAVIRUS

Stocks rebound from big losses

Markets climb from Monday's historic losses

A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones Industrial Ave
A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones Industrial Average on Tuesday. (Associated Press)

NEW YORK — Stocks on Tuesday moved back up from the previous day as hopes rose, faded and then bloomed again on Wall Street that the U.S. government will try to cushion the economic pain from the coronavirus.

The day’s moves were a microcosm of the severe swings that have dominated recent weeks, and market watchers say they are likely to continue until the number of infections stops accelerating.

In the meantime, investors want to see a big, coordinated response from governments and central banks to shore up the virus-weakened economy.

The S&P 500 surged as much as 3.7 percent in the morning, only to see the gains evaporate by midday. The index then bounced up and down before turning decisively higher after President Donald Trump pitched his ideas for a break on payroll taxes and other economic relief to Senate Republicans.

By the end of trading, the S&P 500 was up 4.9 percent. It “erased” three-fifths of Monday’s loss — that was the sharpest since 2008 when global authorities banded together to rescue the economy from the financial crisis.

The 10-year Treasury yield rose to 0.79 percent, from 0.49 percent, late Monday. A week ago, it had never been below 1 percent.

The S&P 500 rose 135.67 points, or 4.9 percent, to 2,882.23. The Dow Jones Industrial Average rose 1,167.14 points, or 4.9 percent, to 25,018.16, and the Nasdaq composite jumped 393.58, or 5 percent, to 8,344.25.

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