The Nasdaq hit a record high on Tuesday and the S&P 500 headed for its biggest one-day gain in about six months as fears of a heavy economic impact from the coronavirus outbreak waned after China's central bank intervened.
The Dow was on pace for its biggest single-day rise in about eight months, as the stock marked recovered from steep losses in the prior week.
The People's Bank of China (PBOC) injected a total of 1.7 trillion yuan ($242.74 billion) through reverse repos on Monday and Tuesday, as the central bank said it sought to stabilize financial market expectations and restore market confidence.