Stocks closed sharply higher on Wall Street Tuesday on hopes that the U.S. and other governments will cushion the global economy from the pain of the coronavirus.

The Dow Jones Industrial Average rose more than 1,100 points, or 4.9%. The gain makes up more than half of the index’s loss on Monday, which was the steepest drop since the financial crisis of 2008.

U.S. stocks are now down 14.9% from the peak they reached last month. Bond yields rose.

On Tuesday:

The S&P 500 index rose 135.67 points, or 4.9%, to 2,882.23.

The Dow Jones Industrial Average gained 1,167.14 points, or 4.9%, to 25,018.16.

The Nasdaq climbed 393.58 points, or 5%, to 8,344.25.

The Russell 2000 index of smaller company stocks picked up 37.46 points, or 2.9%, to 1,350.90.

For the week:

The S&P 500 is down 90.14 points, or 3%.

The Dow is down 846.62 points, or 3.3%.

The Nasdaq is down 231.36 points, or 2.7%.

The Russell 2000 is down 98.32 points, or 6.8%.

For the year:

The S&P 500 is down 348.55 points, or 10.8%.

The Dow is down 3,520.28 points, or 12.3%.

The Nasdaq is down 628.35 points, or 7%.

The Russell 2000 is down 317.57 points, or 19%.