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Photo: Luiz Roberto Lima-ANB/Pacific Press/LightRocket via Getty Images

Stocks closed up more than 9% on Tuesday, marking yet another day of huge moves in the stock market amid the coronavirus pandemic.

Driving the news: Congressional leaders signaled that they're close to striking a deal on a massive stimulus package that will soften the blow for businesses and consumers as the pandemic threatens an unprecedented halt in economic activity.

By the numbers: The S&P 500 jumped 9.3%. The Dow rose 11.2% (or 2,112 points), while the Nasdaq climbed 8.1%.

  • It was the Dow's biggest percentage gain since 1933.

What to watch: President Trump told Fox News he would like to have the country "opened up, and just raring to go" by Easter, which is less than 3 weeks away. Economists warn restarting economic activity before the coronavirus is contained would be more harmful for the economy in the long-run.

  • "Trying and failing to reopen the economy before economic activity is organically ready to resume could have dire economic consequences," Michael Strain, an economist at right-leaning think tank AEI, wrote in a Bloomberg op-ed today.

Of note: One of the first economic data points since the economy shuttered in response to the coronavirus was released this morning. As expected, it wasn't pretty.

  • Indices measuring activity in the U.S. manufacturing and service sectors fell to the lowest level since 2008.
  • For the eurozone, the index saw the worst reading ever in the survey's 22-year history.

Go deeper

Updated 6 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

7 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.