The slight rally comes after the worst day for financial markets since 1987.
The Dow Jones Industrial Average climbed more than 500 points at Tuesday’s opening — not nearly enough to make up for the massive coronavirus-induced losses.
The Dow on Monday suffered its worst day since the “Black Monday” crash of 1987, plunging nearly 3,000 points or 12.94%.
Trading in the S&P 500 and Nasdaq also stabilized, with the indices opening up 2.98% and 2.94% respectively. Both shed approximately 12% during Monday’s bloodletting.
Premarket trading on equities saw heavy volatility Monday night and into Tuesday morning, especially after President Donald Trump tweeted that the U.S. will be “powerfully supporting” industries impacted by the economic fallout of the coronavirus outbreak.
Since the COVID-19 outbreak, the Dow has seesawed by more than 1,000 points and entered a bear market for the first time in 11 years. The S&P 500 and Nasdaq are also in bear market territory.
