Dow jumps 800 points as investors see signs of coronavirus slowing

• US stocks rose Tuesday, continuing Monday's rally, as investors were encouraged by signs that the coronavirus pandemic is slowing in major economies.
• New COVID-19 cases appear to be decelerating in the US, Spain, and Italy. On Monday, China reported no new deaths from the virus for the first time since the outbreak began.
• US airlines gained in early trading, as did cruise lines. Oil climbed up on hopes that OPEC and its allies will meet to discuss production cuts later in the week.
• Read more on Business Insider.

US stocks rose Tuesday, continuing gains from a day earlier, as investors were encouraged by signs that the coronavirus pandemic is slowing in major economies.

New cases of COVID-19, the illness caused by the coronavirus, appear to have fallen from peaks in the US, Italy, and Spain, three countries with the most severe outbreaks. There are also positive signs in Asia: China reported no new deaths from the virus for the first time ever on April 6, and South Korea's cases are slowing.

"The world has finally seen a glimpse of light at the end of this dark tunnel," Hussein Sayed, chief market strategist at FXTM told Business Insider.

Here's where major US indexes stood shortly after the 9:30 a.m. ET market open on Monday:

• S&P 500: 2,747.91, up 3.2%
• Dow Jones industrial average: 23,480.56, up 3.5% (801 points)
• Nasdaq composite: 8,120.37, up 2.6%

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US airlines and cruise lines also gained in early trading - United Airlines jumped 14%, while American Airlines and Delta Air Lines also advanced. Royal Caribbean, Norwegian, and Carnival cruise lines all gained as much as 14%.

Meanwhile, oil prices edged higher Tuesday on optimism that OPEC and its allies will meet later this week to discuss production cuts.

Still, uncertainty remains around the pace of recovery from the coronavirus-led economic slowdown. Sayed believes markets are re-pricing the worst-case scenario due to the virus outbreak, and investors moving into risk assets show that they believe a "V-shaped" recovery is coming.

"Attractive valuations, 'fear of missing out,' and extraordinary stimulus packages also exaggerate the upside moves in prices," he said. "However, no one yet knows the exact damage this virus has already done to the global economy, corporate earnings, and what kind of exit strategies countries will follow in the weeks ahead."

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