(NBC News)- Wall Street rallied Tuesday morning, just one day after a historic rout that saw the Dow Jones Industrial Average drop by 2,013 points, the most ever.
The Dow soared by almost 800 points at the opening bell, with the S&P 500 and Nasdaq each notching up gains of around 3 percent.
Global stock markets plummeted Monday, after an all-out price war between key oil producers Saudi Arabia and Russia added to heightened concerns connected to the economic impact of the rapidly spreading virus. Companies have canceled industry gatherings, banned non-essential travel, and asked employees to work from home where possible. Health officials have even urged older people to avoid cruise ships, lengthy trips, and public events.
The rebound in stocks came after President Donald Trump said on Monday he will take “major” steps to ease concerns about the economy in light of the coronavirus outbreak. Trump said he would be meeting with congressional Republicans on Tuesday to discuss payroll tax cuts.
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