Late surge lifts Wall Street stocks as virus hits economy

Traders work during the opening bell at the New York Stock Exchange on March 13, 2020 at Wall Street in New York City.

The furious rally at the end showed volatility remains elevated in markets, a trend also apparent in Europe where major bourses gained but finished well below session highs as the World Health Organization targets Europe as the new epicentre of the pandemic. The overall death toll jumped to more than 5,000 across the planet, including nearly 1,500 in Europe, with total infections topping 140,000 across the planet.

"Global supply chains are no longer just 'disrupted' but are now in the process of shutting down completely," he added. Further testing is expected to lead to a surge in US cases as well, a dynamic that could challenge markets again next week.

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