Hong Kong/London (CNN Business) Global stocks are struggling to get back on track one day after novel coronavirus fears and an oil price war sparked a worldwide panic.

The mood among investors was initially helped by news of President Donald Trump's plan to propose "significant relief" in the form of a payroll tax cut and help for hourly workers most affected by the coronavirus, or Covid-19, and expectations of more stimulus measures as the risks of a global recession rise

But concerns about the spread of the virus, and the scope of the policy response, returned to weigh on markets following the worst day for US stocks since 2008.

The S&P 500 was up 1.3% on Tuesday afternoon, after previously rising as much as 3.7%. The Dow climbed about 1%. The Nasdaq rose 1.4%.

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