Dow Closes More Than 1,100 Points Higher as Wall Street Seeks a Recovery

Stocks finish higher Tuesday following the worst day on Wall Street since the financial crisis.
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1. Stocks finished higher Tuesday following the worst day on Wall Street since the financial crisis.

2. Coronavirus update: The number of confirmed global cases of the coronavirus has risen to 118,099, according to the Johns Hopkins CSSE. Global deaths have increased to 4,262. The U.S. has 808 confirmed cases of the virus and deaths have climbed to 27.

3. Coca-Cola  (KO) - Get Report is Real Money's Stock of the Day. Jim Cramer told his "Mad Money' audience on Monday that Coke was the prefect defensive stock and is a "buy, plain and simple."Stocks finished higher Tuesday, partially rebounding from the previous day's slide, the worst day on Wall Street since the financial crisis.

The Dow Jones Industrial Average finished up 1,167 points, or 4.89%, to 25,018, the S&P 500 gained 4.94% and the Nasdaq rose 4.95%.

Stocks began rising after President Donald Trump said his administration would be meeting with House Republicans Tuesday to discuss a "substantial" payroll tax cut, and "getting help" for hourly workers.

Trump also said he would be working with companies on an economic relief plan in the face of spreading worries about the coronavirus Covid-19 outbreak.

A report from Bloomberg, however, said the timing of stimulus from the administration to combat the coronavirus crisis remained uncertain.

Bloomberg also reported Tuesday that Trump told Republican senators he wanted a payroll tax holiday through the November election.

“While we believe that a fiscal stimulus package will be produced, the timing and scope remain uncertain,” said Ed Mills, an analyst with Raymond James. “When asked about the potential for a fiscal package, some Republican leaders on the Hill signaled that they believe these actions to be premature and key Congressional Democrats arguing that there are more immediate priorities over tax cuts and plan to introduce their own package in coming days.”

Stocks tanked Monday, and bond yields declined sharply as investors' fears about the spread of the coronavirus deepened and oil prices plunged as Saudi Arabia flooded energy markets following a failed OPEC summit with Russia over how to cut production and lift prices.

The Dow had its worst day since December 2008 - falling 2,103 points or 7.78% - and stocks closed Monday near bear-market territory, or 20% off recent highs.

Oil prices recovered some of their losses Tuesday.

Shares of Delta Air Lines  (DAL) - Get Report and American Airlines  (AAL) - Get Report rose Tuesday after saying they would cut capacity in the face of lower demand for air travel due to the coronavirus outbreak. The carriers also pulled their guidance for 2020.

The number of confirmed global cases of the coronavirus has risen to 118,099, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths were at 4,262.

The U.S. has 808 cases of the virus and deaths have climbed to 27.