Updated Mar 10, 2020 - Economy & Business

Stocks surge 4% after Wall Street's worst day since 2008

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.

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Stocks plunge 7% at close of Wall Street's brutal day

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U.S. stocks closed more than 7% lower on Monday, after a wild day for the stock market that saw a rare halt in trading.

Why it matters: The sell-off reflects serious fears that the oil price drop and the coronavirus could throw the economy into a recession.

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Stocks sink 4% as Dow closes in bear market

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Stocks fell more than 4% on Wednesday, with the Dow closing in bear market territory — or 20% below the record high hit in February.

Why it matters: The Dow's steep drop ends one major index's record 11-year stretch without a 20% decline, as Wall Street grapples with just how bad the coronavirus will be for the global economy. The S&P 500 is about 30 points away from hitting bear market territory.

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There Is No Alternative to Treasuries

Data: FactSet; Chart: Axios Visuals

The acronym TINA (There Is No Alternative) had long been used to explain why investors piled into U.S. equities, but it may now apply to U.S. Treasuries.

State of play: After Monday's sell-off, the S&P 500 has erased all of its gains dating back a year, and the dollar, emerging market equities and oil are all negative during that period.