Updated at 9:48 a.m. ET

The Dow Jones Industrial Average opened up 1,300 points, or 7%, as negotiations continued over a massive stimulus package to help the crippled economy deal with the of the coronavirus pandemic.

The S&P 500 soared 6.3%. That's a rebound from Monday's losses of about 3% for both the Dow and S&P 500.

The stock market has been falling for weeks as much of the global economy has been shut down in an effort to slow the spread of the coronavirus. The Dow has lost about 9,700 points since it peaked on Feb. 12 — a staggering drop of 33%. The 11-year bull market — the longest in history — is now a distant memory.

Sen. Chuck Schumer, the Senate's top Democrat, said late Monday that he was "very, very close" to an agreement with the White House on a deal for emergency funding that could top $1 trillion.

On Monday, the Federal Reserve launched its latest effort to keep credit flowing and keep markets working smoothly.

Finance ministers and central bankers from the Group of Seven major industrialized nations pledged Tuesday to "do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system."

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