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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.

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

Dion Rabouin, author of Markets
58 mins ago - Economy & Business

Investors increase their exuberance

Illustration: Eniola Odetunde/Axios

U.S. stocks jumped across the board on Monday and the S&P 500 had its best day since June 5, as the bulls stepped in and bought the dips in stock prices following last week's minor selloff.

Why it matters: While some have worried rising U.S. interest rates would dampen investor exuberance over the expected pickup in economic growth thanks to increasing vaccine numbers and big fiscal spending hopes, Monday showed investors still like risk assets. A lot.

Go deeper (1 min. read)Arrow
Bethany Allen-Ebrahimian, author of China
3 hours ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.

Go deeper (1 min. read)Arrow
Ina Fried, author of Login
3 hours ago - Technology

China will dominate AI unless U.S. invests more, commission warns

Photo illustration: Axios Visuals. Photo: Krisztian Bocsi/Bloomberg via Getty Images

The U.S., which once had a dominant head start in artificial intelligence, now has just a few years' lead on China and risks being overtaken unless government steps in, according to a new report to Congress and the White House.

Why it matters: Former Google CEO Eric Schmidt, who chaired the committee that issued the report, tells Axios that the U.S. risks dire consequences if it fails to both invest in key technologies and fully integrate AI into the military.

Go deeper (2 min. read)Arrow