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Stocks soar to a big finish on a day of big swings

The Dow Jones industrial average is displayed after the opening bell on the floor of the New York Stock Exchange (NYSE). (Andrew Kelly/Reuters)
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After a shattering start to the week, U.S. stocks on Tuesday rebounded on reports of a government stimulus that would help cushion the country from the economic effects of the coronavirus outbreak.

The Dow Jones industrial average jumped 1,164 points, 4.9 percent, recovering more than half its losses from Monday — which was the blue chip index’s worst day since the 2008 financial crisis. The Standard & Poor’s 500 and tech-heavy Nasdaq composite also finished Tuesday near 5 percent gains for the day. Financials and technology were leading the way for all 11 stock market sectors that went positive.

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After weeks of turbulence, U.S. markets plunged to new depths Monday, cratering more than 7 percent on the dual threat of the coronavirus’s spread in the United States and the escalating oil price war between Russia and Saudi Arabia.

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The outbreak continues to spread at a rapid clip with more than 113,000 cases worldwide. The director of the World Health Organization called the threat of a coronavirus pandemic “very real.” More than 700 cases have been confirmed in the United States, with the virus present in more than 30 states and counting. The outbreak is responsible for thousands of deaths, including 26 in the United States.

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