U.S. stocks gave back early gains by midday Tuesday, after a partial rebound from Wall Street’s worst one day selloff since 2008, on hopes for fiscal stimulus measures from Washington aimed at helping alleviate the economic impact of the COVID-19 epidemic.
A Tuesday rebound would not have been unusual — Bespoke Investment Group strategists found that in the 10 previous times since 1952 that the S&P 500 fell 5% or more on a Monday, the index has gained the following day, by an average of 4.2%.
The Dow Jones Industrial Average traded about 27 points, 0.1%, lower, near 23,823, while the S&P 500 rose less than 1 point to trade near 2,746. The Nasdaq Composite Index was about 18 points, 0.22%, higher near 7,968. All three indexes pared earlier strong gains.
The Dow on Monday plunged 2,013.76 points, or 7.8%, to 23,851.02, while the S&P 500 fell 225.81 points, or 7.6%, to end at 2,746.56, near its session low. The Nasdaq Composite Index plunged 624.94 points, or 7.3%, to finish at 7,950.68. All three benchmarks suffered their biggest one-day percentage declines since 2008.
Source : Market Watch