Wall Street ended Tuesday with big gains after the government reported the biggest monthly jump in retail sales in history, combined with news from Britain of a potential coronavirus treatment.
The Dow Jones Industrial Average closed up 527 points – a 2% gain. The S&P 500 and Nasdaq indexes were also 2% higher.
At one point Tuesday, the Dow was up more than 700 points after the government reported that retail sales in May grew at a record 17.7%, as more and more businesses emerge from COVID-19 lockdowns.
"Looks like a big day for the stock market and jobs!" President Donald Trump tweeted.
Investors were also cheered by news from Britain that a widely available steroid can help critically ill coronavirus patients and cut hospital deaths by a third.
That news also sent European stocks soaring, with major indexes in London, Frankfurt and Paris all up 3%.
Asian markets also bounced back from big losses Monday.
Tokyo's Nikkei index was up 5%, while Sydney was 4% higher and Hong Kong climbed nearly 3%.