Dow surges 1,100 points on hopes the $2 trillion coronavirus aid package will soon be approved

• US stocks soared Tuesday, rebounding from losses Monday, on hopes a coronavirus economic aid package is coming soon.
• Equities are rebounding from declines on Monday, which came even after the Federal Reserve took unprecedented action to prop up the US economy amid coronavirus fallout.
• Read more on Business Insider.

US stocks rose Tuesday, rebounding from a more than three-year low on Monday, on growing investor optimism that a sweeping coronavirus economic relief package is coming soon.

In overnight trading, futures contracts on all three major US indexes surged more than 5%, triggering so-called limit up trading halts.

Here's where the major US indexes stood shortly after the market open at 9:30 a.m. E.T. on Tuesday:

• S&P 500: 2,359.92, up 5.5%
• Dow Jones industrial average: 19,739.54, up 6.2% (1,147 points)
• Nasdaq 100: 7,207.56, up 5.1%

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It appears that majority leaders are nearing a deal on a $2 trillion coronavirus rescue package after multiple failed attempts to get one through Congress, the Washington Post reported Tuesday. Treasury Secretary Steven Mnuchin and Senator Charles Schumer were optimistic that a deal could be reached soon, according to the report.

On Monday, stocks slumped when leaders were unable to agree on a deal to boost the economic fallout from the coronavirus pandemic. Pressure is mounting as many states go on lockdown to curb the spread of COVID-19.

Investors also shrugged off unprecedented actions announced Monday by the Federal Reserve to aid the economy amid the outbreak, including unlimited bond-buying and help for local governments and companies.

"Bottom line, this market has been utterly dangerous since February," Thomas Lee of Fundstrat wrote in a Tuesday note. "But there are glimmers of hope."

The market appears to have found an "internal bottom, similar to October 2008," he wrote, which means that a recovery could soon begin.

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