Here's what happened to the stock market on Tuesday

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Stocks were rising on hopes the number of new virus cases may be abating, but the rally lost steam late in the day.

dropped 0.33% to 7,887.26. Stocks gave up a massive rally from earlier in the day as Wall Street assessed the latest news on the coronavirus outbreak.In the U.S., the number of new cases appears to have fallen in recent days from their recent peak. On Tuesday, New York Gov.

Andrew Cuomo reported hospitalizations in the state are slowing. Italy and Spain, two of the hardest-hit countries, are also seeing new cases fall off. In Asia, South Korea reported less than 50 new cases of infection for the second day running. China also posted no new deaths as of April 6 for the first time since January.

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