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.

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Source: FactSet; Chart: Axios Visuals

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.

Go deeper

Retail sales remain at multiyear low even after record monthly jump

Data: U.S. Census Bureau; Chart: Axios Visuals

While U.S. retail sales saw the largest month-over-month increase on record in May, year-over-year sales actually declined by 6.1%.

The big picture: Excluding the prior two months, May's $485.5 billion of sales was the lowest since August 2017.

Why BP's revealing accounting move could be a signal for oil's future

Illustration: Sarah Grillo/Axios

BP's mammoth asset write-down is certainly a big story, but whether it's a big climate change story is a trickier question. Let's give it a qualified yes.

Catch up fast: The oil-and-gas giant yesterday made several announcements rooted in its view of the "enduring impact" of COVID-19 on the economy and demand, and where it sees clean energy going.

Updated Jul 10, 2020 - Health

U.S. coronavirus updates

Data: The COVID Tracking Project; Map: Andrew Witherspoon/Axios

South Carolina restaurants and bars will have to close alcohol sales by 11 p.m., beginning Saturday, under an order issued Friday by Gov. Henry McMaster.

The big picture: The U.S. had another record single-day spike of 63,200 new coronavirus cases from Thursday. COVID-19 cases in South Carolina have increased, with 21,560 cases recorded in the last two weeks.