Wall Street leads global markets surge on U.S. stimulus hopes

On Wall Street, the Dow surged 11.4%, its biggest one-day percentage increase since 1933, boosted by signs Congress is nearing agreement on a rescue package for the US economy that could amount to more than $2 trillion.

The gains in New York were a turnaround from the rout seen the prior day, and were mirrored in Europe where Frankfurt's Dax index managed a double-digit rise by the close. Negotiations were continuing over the final detail, with congressional leaders reassuring the country they were getting close to reaching a deal.Grim survey data showing collapsing eurozone and UK business activity in March did not get in the way of Tuesday's recovery, as CMC Markets UK analyst David Madden said traders had been expecting the"brutal" survey data.

AxiCorp's Stephen Innes called the Fed's move"the most significant monetary experiment in the history of financial markets," while the dollar beat a retreat from Monday's 3-year peak against the euro.But at the end of the day, analysts could not bring themselves to call the end of the coronavirus market downturn.

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