An enormous fiscal and policy response at the end of the month helped undo some of the worst of the damage. The S&P 500 recouped more than half of its losses in the final week of the month after lawmakers passed a $2 trillion spending package and the Federal Reserve said it would buy an unlimited amount of government-backed debt to keep markets functioning.

But even as stocks rebounded well off their lowest point, March was the worst month for the S&P 500 since October 2008, when investors feared a collapse of the economy in the wake of the global financial crisis. The S&P 500 fell 12.5 percent this month. The index is down 20 percent so far this year.

On Tuesday, stocks fell 1.6 percent.

Calmer markets do not mean the worst is over. As consumers stay home and factories shut down, millions of workers have lost their jobs. Economic data showing the scale of the damage has only just begun to roll in, and Wall Street analysts continue to downgrade expectations for the economy.

Goldman Sachs, for example, now expects U.S. economic output to plunge at an annualized rate of 34 percent in the second quarter. The unemployment rate will hit 15 percent, the bank said in a research note on Tuesday.

But the worst of the recent swings in asset prices seem to have ended, and investors are trying to find a footing.

“We appear to be seeing improved sentiment,” Yousef Abbasi, global market strategist at INTL FCStone, a financial services and brokerage firm, wrote in a note to clients on Tuesday. “When sentiment does start to improve around the virus and its ultimate economic impact — the market will find it difficult to ignore the size and scope of the fiscal and monetary stimulus that has been undertaken.”