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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.

Expand chart
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

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Bryan Walsh, author of Future
4 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

6 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.