Stocks jump more than 4% after last week's sell-off

Stocks closed up more than 4% on Monday, rebounding from Wall Street's worst week since the financial crisis. The S&P 500 is 8% below its record high, moving out of correction territory.

The big picture: The gains come despite more news of the coronavirus outbreak spreading in the U.S. and around the globe. Central banks, including the Federal Reserve, indicated willingness to step in to soften the blow of any coronavirus impact to the global economy.