US stocks try to claw back losses a day after one of the worst declines on record

Wall Street opened slightly higher on Tuesday, a day after US stocks saw the worst sell-off in more than 30 years as the impact of the coronavirus on the global economy became clear.

The Dow Jones Industrial Average rose more than 400 points seconds after the opening bell, before reversing most of its gains. Both the S&P 500 and the Nasdaq Composite were up slightly during early trading.

The Dow lost nearly 3,000 points on Monday, ending the day down almost 13 percent – the worst drop since the infamous Black Monday crash in 1987. Other US benchmark indices, the S&P 500 and the Nasdaq, sank around 12 percent.

Wall Street was gripped by panic despite stimulus measures taken by the US Federal Reserve. On Sunday, the Fed slashed interest rates to near-zero and announced a stimulus package of at least $750 billion to offset the economic impact of the coronavirus pandemic.

European markets were mostly down on Tuesday, with the British FTSE 100 dropping around one percent. Germany’s DAX and France’s CAC 40 have fallen less than half a percent.

In Asia, the Shanghai Composite dropped slightly, while Japan’s Nikkei finished trading flat to positive. Hong Kong’s main index also was up less than one percent.

For more stories on economy & finance visit RT's business section