After a rip-roaring start to the week on Monday, stocks started Tuesday on another good foot, jumping by as much as 3% before giving up all of their gains in the late hours of a volatile session. New York Gov. Andrew Cuomo emphasized that he thinks New York state is reaching a flattening or a plateau in the much-discussed curve.
Encouraging coronavirus data out of Asia also buoyed markets in morning trading.
The Dow Jones Industrial Average, up more than 900 points in the morning, finished down 26 points, as early optimism faded.
Bloody day at Redfin. Discount real estate brokerage firm Redfin is furloughing 41% of its agents, in a sign that the crisis may be starting to hit real estate.
More small business aid in discussion. Top Congressional leaders were in discussion about how to make another round of fiscal stimulus for small businesses happen on Tuesday. Lawmakers are proposing at least $200 billion in additional aid for small businesses.
Kohl's soars. Kohl's Corp. (ticker: KSS) finished as the top performer in the S&P 500 on Tuesday, soaring 20.2%. The hard-hit department store chain, even after today's gains, is down 66% year-to-date. Investors are likely celebrating the slower-than-expected spread of coronavirus in hot spots around the U.S., a trend that makes the outcome for Kohl's look far less fraught with risk.
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