The energy and financials sectors led stocks higher on Tuesday, rallying 16.3% and 12.75%, respectively, as investors await a stimulus package from Washington, aimed at combating the coronavirus-induced market sell-off. It was the energy sector's best day since Oct. 2008, and stocks got a boost as oil prices moved higher. Exxon and Chevron, the U.S.' two largest oil companies gained 12.69% and 22.7%, respectively. In the financials sector, Morgan Stanley rallied 19.45%, while Bank of America jumped 16.3%. Wells Fargo gained 14.5%, and JPMorgan was up 11.8%.Energy and financials leading the way is a departure from how the market has been trading as of late. Over the last month the two sectors are the laggards, with energy falling 45.5%, while financials has shed 32.8%. - Stevens
Tuesday's surge marks a historic rally for the 30-stock Dow Jones Industrial Average. It was the benchmark's fifth best percentage gain in history and the largest point gain ever. - Li, Rattner
Stocks closed on their session highs on Tuesday as investors grew optimistic about a sweeping fiscal stimulus deal to prop up the economy hurt by the coronavirus pandemic. The Dow soared 2,100 points, or 11.2%, to post its best day since March 1933. It's also the largest point gain for the 30-stock benchmark ever. The S&P 500 and the Nasdaq jumped 9.3% and 8.1%, respectively. - Li
With just 20 minutes of trading left, stocks accelerated gains with the Dow jumping 1,940 points, or 10.44%. The S&P 500 and Nasdaq are up 8.8% and 7.6%, respectively. - Stevens
With roughly one hour left in the trading session, the Dow was up 1,700 points, or 9.1%, as investors cheered the apparent progress made in Washington over potential fiscal stimulus amid the coronavirus outbreak. Those gains lifted the Dow off of its lowest levels since late 2016. - Imbert
President Donald Trump said Tuesday that he'd like to "reopen" the U.S. economy by Easter despite the rapid coronavirus contagion that's forced many states to shutter their businesses. Trump's remarks came in a Fox News "virtual town hall" event at the White House. Easter is April 12, less than three weeks away. "We're opening up this incredible country. Because we have to do that. I would love to have it open by Easter," Trump said.
"I would love to have that. It's such an important day for other reasons, but I'd love to make it an important day for this. I would love to have the country opened up, and rarin' to go by Easter." - Franck
The death toll from an outbreak of coronavirus in Italy has grown by 743 to 6,820 in the last 24 hours, the head of the Civil Protection Agency said on Tuesday, reversing a decline in fatalities seen over the last two days. On Monday 602 people died. That followed 650 deaths on Sunday and 793 on Saturday - the highest daily figure since the contagion came to light on Feb. 21. The total number of confirmed cases in Italy rose to 69,176 from a previous 63,927, an increase of 8.2%, in line with Monday's growth rate, the Civil Protection Agency said. Traders are watching Italy coronavirus numbers to get an idea of a timeline when U.S. cases may peak. - Reuters
Morgan Stanley predicts 3.4 million people filed for unemployment last week, the firm's chief U.S. economist, Ellen Zentner, said on "The Exchange." "That's a one-week number ... That's incredible," she said. "What we're now focused on is what the shape of growth will look like on the other side of that as the social distancing measures start to recede." - Stankiewicz
The Cboe Volatility Index (VIX) - Wall Street's preferred fear gauge - dropped more than 3 points, or 6.4%, to 57.63. The VIX eclipsed its financial crisis high last week, closing at 82.69. To be sure, the index is still high relative to other periods in history and still suggests sharp moves may be in store for stocks. -Imbert
Shares of Royal Caribbean, Carnival, and Norwegian Cruise Line each jumped 27%, 21% and 32% respectively. Investors in cruise stocks were hopeful that a U.S. stimulus package, which Congress hopes to agree to on Tuesday, will include bailouts for the industry that has been hit hard by the coronavirus crisis. - Sheetz
Analysts upgraded a bunch of stocks as markets look for a rebound, including Nvidia, Tesla, Zillow & more
CNBC Pro subscribers can read more here. - Bloom
CNBC's Jim Cramer said after his interview with House Speaker Nancy Pelosi on "Squawk on the Street" that it was urgent that the Democrats and Republicans reach a deal on economic relief on Tuesday. "Obviously, if they don't come together in the next 24 hours it's a different world for all of us," Cramer said. Cramer took issue with some of the items Pelosi says she wants included in the bill but said he expected an agreement to be reached. "Anything that advances the ball is something with neutral language. That said, the Speaker is a complete pro at getting things done and knows that the country will feel very let down, and obviously the markets will be crushed. If I were a betting person, and felt like it was okay to go in when the S&P was up 5.85%, you better believe there's going to be a deal today." - Pound
The market comeback gained steam in morning trading with the Dow jumping more than 1,400 points. The S&P 500 popped 6.6% and the Nasdaq rose 6.2%. Optimism is rising that Congress can reach an agreement on a coronavirus stimulus plan in the next few hours. - Li
While the stock market feels "broken" in recent weeks amid the coronavirus sell-off, equity strategist Tom Lee of Fundstrat sees a V-shape recovery ahead, with the S&P 500 recovering half of its losses as soon as next month and potentially all of its losses later this year. If a market bottom occurs this week, the S&P 500 could trek back to the 2,800 level as soon as April, said Lee. This would mean the index rallies about 25% in the next few weeks. This is still well off the S&P 500′s all time high of 3,393.52 on Feb. 19.
Fundstrat looked at 10 stock market drawdowns of about 30% since 1920 and found that the time needed to recover half of the losses during those pullbacks, was half the duration of the decline, the firm said. The median ratio for recovery is 0.5x, the most recent example being in 2002 and during the 2008-2009 financial crisis. "In 2020, this means, a six week decline would require 3 weeks to recover 50% back," said Lee, landing the S&P 500 at 2,800 as soon as April. A 100% recovery take on average three to four months, meaning a 3,400 around summertime. - Fitzgerald
The iShares MSCI South Korea ETF (EWY) popped 11.8% on Tuesday, on pace for its best day since Nov 21, 2008 when the EWY gained 18.79%. The ETF consists of 110 large and mid-sized companies in South Korea. - Francolla, Li
The key financial leaders from G7 nations said in a statement Tuesday that they will do "whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system."In addition to major efforts by the Federal Reserve, other central banks around the world have also announced major programs to help support economies during the pandemic, including the European Central Bank and the Bank of England.The central banks "pledge to maintain expansionary policies for as long as needed and stand ready to take further action, using the full range of instruments consistent with our mandates," the statement said. - Pound
Major stock averages opened Tuesday's session in the green on hopes for a massive fiscal stimulus deal. The Dow climbed 1,100 points after hitting its lowest closing level since November 2016 on Monday. The S&P 500 and the Nasdaq Composite rose 5.1% and 4.8%, respectively. - Li
Futures contracts tied to gold popped more than 6.5%. Gold prices are now up 12% this week alone after the Fed pledged unlimited asset purchases to support the markets, the latest in extraordinary central bank actions across the globe to fight off a coronavirus-induced recession. Investors are betting the central bank actions will lead to broad currency debasement and possible inflation, leaving gold as the best alternative. - Melloy
Energy companies are coming under pressure as oil prices sink, but Chevron CEO Michael Wirth said the company has no plans to slash its dividend. "Our dividend is our number one priority and it's very secure," he said Tuesday on CNBC's "Squawk Box." "We're taking actions to preserve cash. It will have some impact on production in the near term, but we've stayed with our financial priorities, which include protecting the dividend."
On Tuesday the oil giant said it will cut its capital spending plans for 2020 by 20% and suspend its buyback program in an effort to reduce costs. U.S. West Texas Intermediate crude prices have been nearly cut in half over the last month as oil gets hit on both the demand and supply side. "This is the fourth time in my career I've seen prices drop by more than 50% in a very short period of time. We've been here before, we know what to do, we're taking action," Wirth said. - Stevens
With reporting from CNBC's Thomas Franck, Jeff Cox, Maggie Fitzgerald, Michael Bloom, John Melloy, Gina Francolla, Pippa Stevens and Michael Sheetz. Subscribe to for exclusive insights and analysis, and live business day programming from around the world.Stimulus from the Federal Reserve and Congress will lead to a "major market rally [that] is likely to occur immediately" and will benefit bank stocks, Odeon Capital banking analyst Dick Bove says. Specifically, Bove said he likes JPMorgan Chase and Bank of America among the big banks and M&T Bank and SVB Financial among the regionals. Also, he lists preferred shares of Fannie Mae and Freddie Mac. Finally, he upgraded Wells Fargo and Comerica from sell to hold. Bove last week estimated that banks as a sector could see an earnings drop of 90% this year, and he said in his Tuesday note that he has not changed that outlook though the current situation presents a trading opportunity. - Cox
Some of the stocks worst hit in the coronavirus sell-off have gained steam in pre-market trading Tuesday. With potential relief for the aerospace industry getting closer, Delta Airlines rose 9.6% pre-market, while United climbed 8.9%. Boeing gained 9.8%. Gambling stocks Wynn Resorts and MGM Resorts jumped 7.5% and 9.3%, respectively. Royal Caribbean's stock surged 8.6%, while shares of hotel company Hilton rose 7.4%. Darden Restaurants, down about 60% for the year, gained nearly 8%. - Pound
Stocks are set to rally as optimism rose that a fiscal stimulus deal could be reached as soon as Tuesday. Futures on the Dow Jones Industrial Average jumped 930 points, or 5%, hitting the so-called "limit up" levels, the upper trading curb mandated by the exchange to tame volatility. Contracts on the S&P 500 futures and Nasdaq 100 were also up 5% and "limit up." The S&P 500 SPDR ETF was up 5.3% in premarket trading.
The premarket moves followed another painful day for stocks with the Dow hitting its lowest closing level since November 2016 and wiping out its Trump-era gains briefly. - Li
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