US stocks, oil and other international markets have clawed back some of the historic plunge suffered a day before amid hopes governments will pump in more aid for a virus-weakened global economy.Many predict the market will continue to swing sharply until the number of new cases reduceInvestors welcomed Tuesday's reprieve but weren't pretending this was the end of uncertainty, which caused the S&P 500 on Monday to experience its worst day since the 2008 financial crisis.
Tuesday's big morning gains were tentative. After rising 3.7 per cent, the S&P 500 quickly gave up more than half of it — up 1.5 per cent as of 11:12 am. It had recovered about one-fifth of its loss from the day before and was down 17.6 per cent from a high set last month. The Dow Jones Industrial Average rose 274 points, or 1.2 per cent, to 24,125, and the Nasdaq composite was up 1.7 per cent.
The most notable market move was the 10-year Treasury yield rising to 0.59 per cent from 0.49 per cent late on Monday. A week ago, it had never been below 1 per cent. European indexes, many of which suffered their biggest one-day drop since the 2008 on Monday, climbed by more than 3 per cent.
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