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Photo: Spencer Platt/Getty Images

The Dow rose more than 11% to clock its largest single-day gain since 1933 on Tuesday, but few are confident the market is set for a sustained rebound. Experts are urging tempered enthusiasm with U.S. and global equities on pace for a rare second day of gains.

What they're saying: "You’re going to see movement in the market, extremes in both directions, that have nothing to do with any of the headlines necessarily, but just the nature of the beast at this stage in the bear market," Liz Ann Sonders, chief investment strategist at Charles Schwab, tells Axios.

Be smart: Neither U.S. nor global equity prices have posted back-to-back daily gains since the first half of February and more than $20 trillion has been erased from equity markets since late January.

Watch this space: The dollar declined for the second day in a row, suggesting the panic-driven global liquidity squeeze that pushed the greenback to near its highest level in 12 years earlier this week has subsided.

  • Demand for the dollar is a good barometer of "whether the Fed’s actions are having the intended affect to address severe disruptions" in credit markets, Michael Arone, chief investment strategist at State Street Global Advisors, tells Axios.
  • "Early signs are positive but we’ll need to see more movement to feel as though things are persistently improving."

The big picture: Many investors are still hiding out in cash, unconvinced the worst is over.

  • While historic bond buying by the Fed and other central banks and expectations of a $2 trillion U.S. stimulus package were positive developments, market participants say the "third prong" of a recovery — a peak in global coronavirus diagnoses — remains elusive.
  • “We still need to see a slowing of the virus cases and a peaking in the U.S., because until then we’ll have these huge relief-rally days and then we’ll get a scary day and the market will plunge down again,” Carol Pepper, CEO of Pepper International, told Bloomberg TV.

Go deeper: The market is not quite as bad as the Dow makes it look

Go deeper

Updated 49 mins ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.

2 hours ago - Politics & Policy

Senate Republicans plan to exact pain before COVID relief vote

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

Republicans are demanding a full, 600-page bill reading — and painful, multi-hour "vote-a-rama" — as Democrats forge ahead with their plan to pass President Biden's $1.9 trillion COVID-19 relief package.

Why it matters: The procedural war is aimed at forcing Democrats to defend several parts the GOP considers unnecessary and partisan. While the process won't substantially impact the final version of the mammoth bill, it'll provide plenty of ammunition for future campaign messaging.

The new grifters: outrage profiteers

Illustration: Sarah Grillo/Axios

As Republicans lost the Senate and narrowly missed retaking the House, millions of dollars in grassroots donations were diverted to a handful of 2020 congressional campaigns challenging high-profile Democrats that, realistically, were never going to succeed.

Why it matters: Call it the outrage-industrial complex. Slick fundraising consultants market candidates contesting some of their party’s most reviled opponents. Well-meaning donors pour money into dead-end campaigns instead of competitive contests. The only winner is the consultants.