Updated Mar 10, 2020 - Economy & Business
Stocks surge 4% after Wall Street's worst day since 2008
- Courtenay Brown, author of Axios Macro
Photo: Timothy Clary/AFP via Getty Images
The stock market closed up more than 4% on Tuesday, recovering half of the losses from Monday's sell-off.
Between the lines: The Trump administration signaled it will work with Congress to try to shore up the economy amid concerns about the effects of the spreading coronavirus and collapsing oil prices.
By the numbers: The S&P 500 and Nasdaq Composite closed up 4.9%, while the Dow finished 4.8% higher (or 1,167 points).
- The yield on the U.S. 10-year treasury note jumped nearly 20 basis points — a reversal from the sharp drop in yields as nervous investors piled into government bonds, which are considered safe-haven assets.
The bottom line: The S&P 500 is about 15% below the record high hit in mid-February. A decline of 20% from record levels would end the market's record-long bull run.
Editor's note: This story has been updated to reflect the latest stock market developments.