The Dow Jones Industrials leaped 1,048.86 points, or 5.2%, to 21,237.38.
The broader S&P 500 gained 143.06 points, or 6%, to 2,529.19.
The NASDAQ spiked 430.19 points, or 6.2%, to 7,334.78, recovering from its worst day ever.
Amazon shares jumped 7% after an analyst at Bank of America noted the e-commerce giant will benefit from the global “in-home shift” due to the coronavirus. Netflix climbed 7% as well while Apple closed 4.3% higher.
Biotech giant Regeneron, meanwhile, said Tuesday morning that it’s aiming to have doses of a potential drug for COVID-19 ready to start human clinical trials by early summer. The announcement, which represents a marked acceleration in the company’s drug timeline, sparked a 11.5% rally in the company’s equity.
The Trump administration is weighing a fiscal stimulus package of more than $1 trillion that includes direct payments to Americans, according to a source familiar with the matter. Earlier, Treasury Secretary Steven Mnuchin told reporters the government is considering directly sending checks to Americans in the next two weeks. “Americans need cash now,” he said.
Mnuchin added corporations will be able to defer tax payments of up to $10 million while individuals could defer up to $1 million in payments to the Internal Revenue Service. Mnuchin also said President Donald Trump authorized the deferral of $300 billion in IRS payments.
More than 5,700 cases have been confirmed in the U.S. along with more than 90 deaths, according to data from Johns Hopkins University. President Donald Trump also said the crisis could stretch into August, adding the administration may look at locking down “certain areas.”
Prices for the 10-Year U.S. Treasury collapsed, raising yields to 1.08% from Monday’s 0.75%. Treasury prices and yields move in opposite directions.
Oil prices dipped $2.01 to $26.69 U.S. a barrel. Gold prices recovered $43.00 to $1,529.50 U.S. an ounce. Stocks Zoom on Stimulus Package to Fight Virus