Fred Imbert, Yun Li
At around 7 a.m. ET, futures for the Dow Jones Industrial Average jumped 810 points, pointing to a gain of more than 700 points at Tuesday's open. S&P 500 futures and Nasdaq futures also pointed to strong
South Korea reported Tuesday less than 50 new cases of infection for the second day running. China also posted no new deaths as of April 6 for the first time since January when it started publishing daily updates.
The two Asian countries were among those which saw spikes in infection rates earlier in the outbreak, with the first cases being reported out of China.
"The apex in New York state is likely imminent as opposed to one month out," Marko Kolanovic, JPMorgan's global head of macro quantitative and derivatives strategy, said in a note on Monday. "Big data indicated very early on that social distancing is working overall."
Amid Monday's rally, Wall Street's fear gauge the Cboe Volatility Index fell 3.3% to 45.24, the lowest level in about two weeks. Three weeks ago, the VIX hit a record high of 82.69, surpassing the peak level during the financial crisis.
Still, the cases in the U.S., the world's most affected country, topped 347,000 with at least 10,000 deaths, according to data from Johns Hopkins University.
Stocks are still in bear-market territory with the S&P 500 about 21.5% off its record high. Many on Wall Street believe stocks haven't fully priced in the potential corporate earnings collapse as the