Stocks roar back to life from the brink of bear market

Wall Street roared back to life on Tuesday, rebounding from the brink of bear market confirmation as bargain hunting and hopes of government stimulus calmed investors’ fears surrounding the coronavirus and growing signs of imminent recession.

The S&P 500 rallied 4.9 per cent as investors digested a trickle of news that President Donald Trump and his team are looking at measures including cutting payroll taxes and aiding ailing businesses like airlines and cruise operators. Stocks whipsawed throughout another wild day on Wall Street, wiping out a gain of 3.5 per cent to turn negative before a furious rally in the final two hours of trading delivered the biggest gain since December 2018.

With markets on edge, signs had started to mount that governments around the world are awaking to the need for stimulus measures to combat the virus that is threatening to plunge the global economy into recession.

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