Coronavirus economic updates: Markets see opening spike, building off Mondays steep rally

ABC News Corona Virus Economic Impacts

The health crisis has quickly turned into an economic one.

The coronavirus pandemic has quickly evolved from a health crisis to a financial one, shuttering businesses, upending entire industries and sending financial markets reeling.

Here’s the latest news on how the COVID-19 crisis is affecting the economy. For more on financial resources available during the pandemic, click here.

Here’s how the day is unfolding. Please refresh for updates.

US financial markets surge Tuesday, building off Monday’s steep rally

U.S. financial markets surged again Tuesday, adding to Monday’s rally as investors appeared to welcome signs that the coronavirus pandemic may be nearing its peak in parts of the U.S.

The Dow Jones Industrial Average spiked more than 750 points or 3.4% at Tuesday’s open. The S&P 500 was up 3% and the Nasdaq rose 2.5%.

On Tuesday, U.S. Surgeon General Jerome Adams said he feels “a lot more optimistic,” adding, “There is a light at the end of this tunnel.”

While he acknowledged that it will be a difficult week, Adams said on “Good Morning america” that the pandemic has already begun to plateau in some places.

“The good news is that when you look at Italy, when you look at Spain, when you look at Washington and California, and even New York and New Jersey, they have truly started to flatten their curves,” he noted. “They’ve seen cases level off and start to come down, and that’s what I want people to understand — that it’s going to be a hard and tough week, but the American people have the power to change the trajectory of this epidemic if we come together like we have after past tragedies in this country.”

Optimism that the number of U.S. cases has flattened spurred a steep rally on Wall Street. On Monday, the Dow closed up 1,627 points or 7.7%. The S&P 500 spiked 7% and the Nasdaq was up 7.3%.

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