Dow futures were pointing to an over 700-point gain at Tuesday's open a day after President Donald Trump expressed hope about research for treatment of the coronavirus. The Dow Jones Industrial Average surged more than 1,600 points, or 7.7%, to start the week as data showed signs of new U.S. cases slowing. However, it's too early to determine whether that's a trend. The S&P 500 jumped 7% on Monday. The Nasdaq rose 7.3%, bringing the index out of a bear market. But the Dow and S&P 500 remained in bear market territory — declines of at least 20% from 52-week highs. All three stock indexes hit all-time highs in February before states issued stay-at-home orders to fight the spread of the virus and the economy ground to a halt.
Trump, at Monday evening's White House coronavirus briefing, said, "There's tremendous light at the end of the tunnel." The president said 10 therapeutics are in active trials and some are looking "incredibly successful." Fifteen other potential treatments are "advancing rapidly" toward clinical trials, he added. Trump also said, "Stay inside and let's win this and let's get our country [back] as soon as we can. I think it's going to be sooner than people think. Things are going really well." However, at the same briefing, White House health advisor Dr. Anthony Fauci said the world may never get back to what it considered "normal" before the coronavirus emerged from Wuhan, China in December.
A warning in late January from White House trade advisor Peter Navarro about the potential severity of the coronavirus in America came as the president was publicly playing down the risks. According to The New York Times, Navarro wrote in memos that the outbreak could cost the U.S. trillions of dollars and put millions of Americans at risk of infection or death. Navarro is a leading hardliner in trade talks with China.
House Speaker Nancy Pelosi, D-Calif., said another $1 trillion is needed, beyond the just-passed $2.2 trillion effort. The California Democrat wants another round of direct payments to Americans and more money for companies to keep making payroll. Senate Majority Leader Mitch McConnell, R-Ky., has said in recent days that health care should top the list, signaling his intent to get to work on a new bill
World leaders are rallying around U.K. Prime Minister Boris Johnson, wishing him a speedy recovery from the coronavirus. On Monday evening, he was admitted to the intensive care unit at St. Thomas' Hospital in London after his symptoms worsened. Trump sent his best wishes, saying: "All Americans are praying for him, he's a friend of mine, he's a great gentleman and a great leader."
Johnson announced on March 27 that he tested positive for the coronavirus. He was said to be suffering from "mild symptoms," but he was hospitalized Sunday evening and moved to the ICU a day later. Johnson's medical team said the prime minister was conscious and not on a ventilator. Johnson had asked Foreign Secretary Dominic Raab to carry on the prime minister's duties "where necessary."
Britain's over 52,000 coronavirus cases are among the top 10 nations with the most infections, according to Johns Hopkins University data. However, with 5,385 deaths, the U.K.'s mortality rate was over 10%, second only to Italy's 12.5% death rate. Italy has the third most infections in the world at over 132,500 but the most deaths at 16,523. The U.S. has the most cases with more than 368,000. The death toll America rose to 10,993. New York state has the most U.S. cases, over 131,800, and the nation's most deaths, 4,758. Global cases topped nearly 1.36 million with 75,944 deaths and over 265,500 recoveries.
— The Associated Press contributed to this report.