Stock markets rally, with Dow surging 1,000 points at closing bell

Wall Street rebounded by the closing bell on Tuesday, with the Dow Jones Industrial Average up almost 5 percent, or 1,164 points.

Markets had surged in early trading, before sliding into red. The whipsaw action came just one day after a historic rout that saw the blue-chip index drop by 2,013 points, the most ever.

President Donald Trump met with lawmakers on Tuesday afternoon to discuss "major" steps to ease concerns about the economy in light of the coronavirus outbreak. Investors wavered throughout the day, parsing headlines and reports that focused on whether a robust economic package could be introduced quickly enough to shore up the growing financial impact from the coronavirus.

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Global stock markets had an ugly start to the week, after an all-out price war between key oil producers Saudi Arabia and Russia added to heightened concerns connected to the economic impact of the rapidly spreading coronavirus outbreak.

Companies have canceled industry gatherings, banned nonessential travel, and asked employees to work from home where possible. Health officials have even urged older people to avoid cruise ships, lengthy trips and public events.

The White House has been consulting with industry groups on the kind of immediate relief that might be required. Executives from at least seven of Wall Street's major banks are set to meet with Trump at the White House on Wednesday afternoon to discuss the response to the epidemic.

Trump has continually downplayed the effects of the coronavirus — tweeting that a steep drop in oil prices is good for consumers, and blaming the news media for the plunging stocks.

"While we believe that a fiscal stimulus package will be produced, the timing and scope remain uncertain," said Ed Mills, an analyst at Raymond James.