But the rebound was strong on Monday. After a sharply higher open and some flipping between gains and losses mid-morning, stocks moved solidly higher.
The Dow was up 800 points, or 3.2%, while the S&P climbed 2.9% around midday.
If the two indexes close in positive territory, they would snap a seven-day losing streak.
All three indexes entered a correction last week.
Meanwhile, hopes for stimulus action from the world’s central banks are keeping investors from throwing in the towel. The Bank of Japan said it would provide “ample liquidity” to keep financial markets stable and the Bank of England also pledged to do what’s necessary for the British economy’s stability.
Although a Fed rate cut could revive investor sentiment — at least in the short-term — market participants are skeptical of how much monetary policy can really do against a global disease outbreak.
Commodities broadly rebounded from last week’s selloffs. Gold futures were up 2%, while US oil prices climbed 5.1%.
US Treasury yields, meanwhile, continue to trend lower. Treasuries are a common safe haven investment that receives a lot of buying interest during times of trouble. Bond prices and yields move opposite to each other. The 10-year yield dropped to a all-time low just above 1%.
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