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Dow closes up more than 1,100 points following Wall Street's worst day since 2008

Tuesday's stock market gain made up about half of the Dow's loss from a day earlier.
Credit: AP
Specialist Michael Pistillo works at his post on the floor of the New York Stock Exchange, Friday, March 6, 2020. (AP Photo/Richard Drew)

Stocks moved sharply higher on Wall Street Tuesday after whipping up and down all day along with hopes that the U.S. and other governments will cushion the global economy from the pain of the coronavirus. 

The Dow gained more than 1,100 points before the close of trading. 

Investors became more hopeful after President Donald Trump pitched his ideas for a break on payroll taxes and other economic relief to Senate Republicans. 

The gain made up about half of the Dow's loss from a day earlier, when the S&P 500 had its worst drop in more than a decade.  

Market watchers say more big swings are likely until the outbreak starts to slow down.

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All three major New York indices lost between 7% and 8% of their value Monday. Within the first five minutes of trading, the markets hit a "circuit breaker" -- pausing trading for 15 minutes after plummeting more than 7%.

Intending to calm the fears of financial markets over the impact of the epidemic, Trump told reporters Monday he is seeking “very substantial relief" to the payroll tax. Trump also said he was seeking help for hourly-wage workers to ensure they’re “not going to miss a paycheck” and “don’t get penalized for something that’s not their fault."