Dow rallies nearly 1,300, no more correction, Apple jumps 9%

Stocks shot higher on Monday with the Dow scoring its biggest point gain ever. Here's what happened in the session:

• US Composite Volume:  10.8 billion shares have traded Monday, above its 50-day average volume of 6.63 billion. 
• Advancing stocks outpaced Declining stocks 2,477 to 539 or more than 4 to 1 on the NYSE

• Dow closed up 5.1% for its first positive day in 8 and its best day since Mar 23, 2009
• Dow gained 1,294.3 for its biggest point gain ever 
• Dow is 9.69% below its intraday all-time high of 29,568.57 from Feb 12^th closing out of correction levels

• S&P closed up 4.6% for its first positive day in 8 and its best day since Dec 26, 2018
• S&P also had its biggest point gain ever gaining 136.01 points, its next biggest point gain was on Dec 26, 2018
• S&P is 8.94% its intraday all-time high of 3,393.52 from Feb 19^th closing out of correction levels — Francolla

Investors poured back into battered stocks on Monday, betting that the global central banks will take action immediately to combat a virus-triggered slowdown. The Dow pulled off a stunning reversal, soaring nearly 1,300 point on the day, its biggest point gain in history. The 30-stock benchmark snapped a seven-day losing streak, and with Monday's rally, it recovered more than 40% of its losses from Feb. 19 close to Friday's intraday low.—Li

The market rebound accelerated in the final minutes of trading with the Dow closing about 1,294 points, or 5%, higher, its biggest point gain ever for the 30-stock benchmark. The S&P 500 soared 4.6%, while the Nasdaq gained 4.5%, led by a 9.3% pop in Apple shares. With Monday's big jump, all three major averages manged to exit out of their correction levels.—Li

With just about 20 minutes before the closing bell, the Dow jumped about 980 points to its session high, on pace for its best day since January 2019. Stocks are set to snap a seven-day losing streak. —Li

With roughly one hour left in the trading session, the major averages were all up sharply, cutting some of the losses from last week. The Dow is up more than 500 points, or 2.3%. The S&P 500 and Nasdaq are up more than 1% each. Still, the major averages have a long way to go before they recover their more-than 10% declines from the previous week. —Imbert

U.S. West Texas Intermediate crude gained 4.45% to settle at $46.75 per barrel, after a volatile session which saw prices travel 9.19% from the session low of $43.32 to the high of $47.30. After oil's worst week since Dec. 2008, the Street is hoping that OPEC+ will agree to deeper production cuts when the cartel meets later this week in Vienna. International benchmark Brent crude also moved higher, gaining $2.23 or 4.49% to settle at $51.90 per barrel. – Stevens

The Cboe Volatility Index, which hit a level of 49 during Friday's trading session, is down by more than 5 points Monday but still trading above where it has in recent months. The index, which is often called Wall Street's "fear gauge," did not close above 30 on any day in 2019. — Pound

The SPDR S&P 500 ETF Trust (SPY), a widely held exchange-traded fund for investors and traders betting on the overall market, saw a massive spike in trading volume as stocks rallied after a dismal performance last week. About 140 million shares had changed hands through afternoon trading Monday. That's well above the ETF's 30-day average volume of 97.3 million shares. — Imbert

About three stocks advanced for every declining stock at the New York Stock Exchange on Monday as the market recovered some of the steep losses suffered last week. Still, Wall Street has a long way to go before erasing those losses: The S&P 500 fell more than 10% last week and remains more than 11% off its record highs. — Imbert

An official for Sen. Amy Klobuchar's campaign told NBC News that she will formally suspend her presidential bid and agree to support former Vice President Joe Biden in the 2020 race. The Minnesota Democrat was one of the party's more moderate voices since launching her campaign and reportedly plans to announce her backing for Biden later Monday. Biden is preferred on Wall Street versus his more-progressive rivals. — Franck

The market's sharp rebound extended midday with the Dow soaring about 800 points. Apple is up 7%. — Li

Even with Monday's big rally, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite are still in correction levels as of midday trading, meaning they are still down at least 10% from their 52-week highs. The S&P 500 and Nasdaq are within less than 1% of exiting correction territory. — Francolla, Li

The real estate and utility sectors followed staple stocks to move out of correction territory as Wall Street attempted to rebound from its worst weekly rout since the financial crisis. Utility leaders include Eversource Engergy and Consolidated Edison. The health care sector is also teetering on the edge of correction levels. — Francolla, Li

The market is building on its momentum, with the Dow surging about 560 points, as traders bid shares higher on hopes that the Federal Reserve will act quickly to combat an economic slowdown from the coronavirus. The S&P 500 was last up 1.8%. — Li

Former Federal Reserve Vice Chairman Alan Blinder said the Fed is basically committed to a rate cut at its next meeting but that Monday's bounce in the stock market made it less likely for a move before then. "This morning I think they're probably breathing a little bit of a sigh of relief," Blinder said on "Squawk on the Street," adding that the market could go down later in the day. — Pound

The Dow's rebound gained steam in late-morning trading, rising about 430 points. The S&P 500 climbed 1.4%, while the tech-heavy Nasdaq traded 1.3% higher. Apple is leading the market comeback, up more than 4.5%. Stocks suffered their worst week since 2008 last week on coronavirus scare. — Li

The consumer staples sector moved out of correction territory as it led the S&P 500 higher in Monday's trading. Top performers in the sector included Costco and Clorox, which were up more than 7% and 6%, respectively. The other 10 S&P sectors remain in correction territory. — Francolla, Stevens

President Donald Trump bashed the Federal Reserve for the nth time on Monday and argued via tweet that the central bank should cut rates "for all the right reasons" amid fears of economic slowdown thanks to the coronavirus. "As usual, Jay Powell and the Federal Reserve are slow to act. Germany and others are pumping money into their economies." Powell, whom Trump nominated to lead the Fed and once called "strong," "committed" and "smart," has often taken fire from the White House, which has repeatedly jawboned the central bank to ease borrowing costs. — Franck
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David Kelly, chief global strategist at JPMorgan Asset Management, said on "Squawk on the Street" that rate cuts from the Federal Reserve may not help the economy but would support stocks. "The lower you push long-term rates, the lower you push short-term rates, the harder it is to justify being in bonds as opposed to stocks. And I think that does help put some sort of floor under the stock market," Kelly said. He also said that he does not expect the coronavirus outbreak to hurt the economy long-term. "I always thought 2020 was going to be the year of the election. Turns out 2020's the year of the virus, but it's probably just this year."  — Pound

Apple and Microsoft moved higher in early trading as many names in the tech sector, including chip stocks, came under pressure. Shares of Apple gained more than 2% after Oppenheimer upgraded the stock to an outperform rating, saying to buy the "recurring revenue machine." Apple and Microsoft are still trading in correction territory, however, with each 14% below recent highs. — Stevens

As the Dow tries to rebound from last week's sharp losses, 28 out of the 30 components in the index remain in correction territory, or at least 10% below 52-week high levels. Coca-Cola and P&G are the two names that have exited correction territory. — Francolla, Stevens

The major averages cut their gains after weaker-than-expected manufacturing data, with the Dow and S&P 500 briefly turning negative. — Stevens

The Institute for Supply Management (ISM) said on Monday its index of national factory activity was 50.1 last month, which was short of the 50.8 analysts had been expecting. A reading above 50 indicates expansion in the manufacturing sector, but February's reading was down from 50.9 in January. — Stevens

Robinhood, the free-trading pioneer favored by younger traders, said it's experiencing a "system-wide outage" amid heavy trading volumes on Monday. Stocks are rebounding from their worst week since 2008. — Li

Dow quickly cut its gains in half after the opening bell, last up about 160 points. Shares of Apple rallied 2.3% in morning trading, leading the rebound in the technology sector. Microsoft rose 1.7%, while Amazon and Netflix are also in the green.— Li

Analysts just upgraded a ton of stocks in the wake of the market plunge.

• Oppenheimer upgraded Apple to outperform from perform.
• JPMorgan upgraded General Electric to neutral from underweight.
• Cowen upgraded Verizon to outperform from market perform.
• Baird upgraded Western Digital to outperform from underperform.
• Stifel upgraded Western Digital to buy from hold.
• Piper Sandler upgraded JPMorgan to overweight from neutral.
• Guggenheim initiated Casper Sleep as buy.
• Stephens named Activision Blizzard as a top pick.
• Argus upgraded American Express to buy from hold.
• UBS downgraded SmileDirectClub to neutral from buy.
• Evercore ISI upgraded Southwest Airlines to outperform from in line.
• Evercore ISI upgraded Twitter to in line from underperform.

CNBC Pro subscribers can read more here. — Bloom

The Dow Jones Industrial Average climbed about 300 points at the open, attempting to post its first gain in eight days, as Wall Street calls for action from global central banks to combat the coronavirus-induced slowdown. The S&P 500 was up 0.7% after losing more than 11% last week. Traders await a key reading on U.S. manufacturing at 10 a.m. ET for any negative impact from the epidemic. — Li

Futures on the Dow Jones Industrial Average erased early losses, now up about 211 points. S&P 500 and Nasdaq futures also pointed to gains at the open. Traders are betting on coordinated action from global central banks to offset the negative economic impact from the coronavirus. — Li

The U.S. Treasury 10-year yield could fall further into record-low territory and eventually reach 0.75%, stratetgist Komal Sri-Kumar said. "Usually, when the yield starts to go down, it goes down very fast," he said on CNBC's "Squawk Box." "Now that we are almost at 1% … my next target is 0.75%." He noted that inflation and economic growth expectations all suggest the benchmark rate will go lower. The 10-year yield hit a record low overnight, breaking below 1.04% for the first time ever. — Imbert

Markets have no doubt that the Federal Reserve is about to come through with some serious interest rate cuts to combat a slowdown related to the novel coronavirus. Traders have completely priced in a 50 basis point reduction by the central bank's March meeting, a 75% chance of another 25 basis points in April, and a 70% probability for one more 25 basis point move by September, according to the CME's FedWatch tracker. That's not all: The market is assigning a 40% chance for one more move in December that would take the overnight funds rate down to a range of 0.25%-0.5%, and a non-negligible 10% probability of going all the way to zero. On the latter point, JP Morgan economists sees an even bigger likelihood – the firm's economists think there's a 1 in 3 chance that the Fed goes to zero by the end of summer. — Cox

Shares of Apple rose 1.7% in premarket after Oppenheimer upgraded the tech giant, saying that the company's products and strong balance sheet should help it withstand any economic uncertainty due to the coronavirus. "We believe Apple products and services will prove more resilient than competitive products in uncertain times," analyst Andrew Uerkwitz said. The firm also said the company is a "recurring revenue machine" and said the tech giant should be able to withstand any coronavirus fears. — Bloom

The European Central Bank said Monday that the fast-spreading coronavirus added uncertainty to global growth prospects, and it's willing to intervene to combat any economic impact. "The Governing Council stands ready to adjust all its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner," ECB Vice President Luis de Guindos said at a speech in Monday. The remarks marked a change in tone from just last Thursday when president Christine Lagarde told the Financial Times that the coronavirus hasn't reached the point where monetary policymakers need to step in. — Li

The maker of household cleaning products rallied in premarket trading Monday morning as the coronavirus continued its spread around the globe and fostered demand for sanitizing wipes, gels and sprays. News of novel cases in metropolitan areas like New York City, in particular, has sparked a boost in production at companies like Clorox, Lysol and Purell-parent Gojo Industries that make hand sanitizers and other ethanol and bleach cleaners, the Wall Street Journal reported on Friday. — Franck

The first coronavirus case in Manhattan has been confirmed, a woman who recently traveled to Iran and is currently isolated in her home. Meanwhile, the disease is spreading rapidly in South Korea and Japan. South Korea has reported an additional 123 cases of the coronavirus, taking the country's total number of infections up to 4,335. Japan has confirmed five more cases in Hokkaido, bringing the country's total number of infections to 77. Iran's health ministry said 66 people have died due to coronavirus. — Li

Shares of Twitter jumped more than 5% during Monday's premarket trading after news that Elliott Management founder and billionaire investor Paul Singer is seeking to replace Twitter CEO Jack Dorsey, a person familiar with the matter told CNBC. The firm said that Dorsey's attention is split between running both Twitter and Square, among other things. Shares of Twitter have shed 22% in the last 6 months. — Stevens

The 10-year Treasury yield dropped to a fresh record low below 1.04% as the historic decline in U.S. rates continued amid the coronavirus outbreak and Wall Street calls for Federal Reserve stimulus. The benchmark 10-year rate, which moves inversely with prices, tumbled about 37 basis points in February alone. The fed funds futures market has already priced in a 50 basis point cut at the Fed's meeting this month, according to CME Fed Watch tool. — Li

On Friday, stocks rapidly pared losses in the last 15 minutes of trading, which serves as the first evidence of "downside exhaustion," according to Rich Ross, Evercore ISI's technical analyst. Therefore, investors should use the S&P 500′s intraday low on Friday — 2,853 — as the "new line in the sand," Ross said. Below that level, there are only two levels of support of note at 2,722 (-7%) and 2,632 (-10%), he added. — Li

China's official Purchasing Managers' Index (PMI), a gauge for its manufacturing sector, plunged to a record low of just 35.7 in February from 50.0 in January, the National Bureau of Statistics said on Saturday. Any reading below 50 signals a contraction. The somber reading provides the first official snapshot of the state of the Chinese economy since the outbreak of the coronavirus epidemic which has killed almost 3,000 people in mainland China and infected about 80,000.— Li

The market's worst rout since the financial crisis is set to resume as stock futures dropped again before the opening bell.  Dow futures were lower by about 168 points, indicated a loss of about 207 points at Monday's open. The futures market experienced a volatile overnight session where Dow futures traded in a range of more than 1,000 points. S&P 500 and Nasdaq futures also pointed to more losses at the open. — Li

— CNBC's Thomas Franck, Jeff Cox, Gina Francolla and Michael Bloom contributed reporting

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