The Dow Jones Industrial Average closed the day at 23,185, up 1,985 points or 9.4 percent, recouping much of the losses from the day before.
The S&P 500 posted 1 new 52-week highs and 120 new lows; the Nasdaq Composite recorded 2 new highs and 703 new lows.
The massive sell-off shortly after Monday's opening triggered a key market circuit breaker on Wall Street and halted trading for 15 minutes.
The virus's ripple effects through global businesses, combined with an energy fight between Saudi Arabia and Russian Federation, posed hurdles that the 11-year old bull market wasn't able to overcome. Stocks doubled their gains in the last half-hour as Trump made his remarks.
Canada's main stock index staged almost a 10 per cent rebound on Friday as hopes rose for government stimulus to ease the economic impact of the coronavirus outbreak and a crash in oil prices. It fell further after trading resumed, losing 11%. "All good things come to an end".
The coronavirus has killed more than 4,700, but for most people causes only mild or moderate symptoms, such as fever and cough. He described a sense of unease among people.
Investors are hopeful as Congress appears to be getting closer to passing a measure to help cushion the blow of the coronavirus pandemic, which has jammed up or shut down many parts of the US economy.More news: Dr. Anthony Fauci Donuts Selling Like Crazy at New York Bakery
At a White House press briefing Monday night, Trump said his administration would be asking Congress to cut payroll taxes and pass other quick measures aimed at easing the impact of the coronavirus on workers.
Equities remain in bear market territory as coronavirus fears and the oil-price war loom.
"Bottoming is a process, it's not a one-day process normally", said Quincy Krosby, chief market strategist for Prudential Financial.
Crude futures are up 2.6% to $32.33/bbl, gold is down 0.3% to $1586/oz and the 10-year Treasury yield is flat at 0.86%. It lasted 11 years and two days and featured two calendar years in which the total return exceeded 30 per cent. That may be because when losses in riskier assets are deep enough, fund managers sometimes sell Treasurys either to offset losses or meet redemptions from investors. That's almost 10%, the worst percentage drop since 1987.
Meanwhile, the pan-continental Stoxx Europe 600 jumped 4.4% as United Kingdom and Italian stocks rallied, erasing some of the steep declines from earlier in the week.
Intervention from three of Europe's senior policymakers helped staunch the bleeding in Italian government bonds, which had seen the benchmark 10-year yield leap by 55 bps on Thursday - its worst day since November 2011. Separately, the Spanish regulator banned short selling on certain stocks such as British Airways's parent company and several Spanish lenders.
President Donald Trump said earlier this week that his administration was planning some "very dramatic" fiscal stimulus measures to support the economy. Some analysts expect the central bank to cut rates again at its March 18 meeting, if not sooner. But policy makers who had so successfully shielded investors from credit crises, subpar economic growth and all manner of market turmoil, had no answer for a virus threatening to cause a global recession. Still, the standard advice from most advisers is to focus more on long-term goals and pay less attention to short-term swings, which will likely dominate markets for some time. Thailand's SET has lost almost 40 percent and the Philippines' benchmark is down more than 30 percent. Major indexes in Europe climbed about 4%. The price of oil fell 3.6% Wednesday.More news: Leo Varadkar announces two-week lockdown for Ireland
In a surprise move, the Fed said it would pump in at least $1.5 trillion to help calm the market and facilitate trading.
Friday is about "central bank credibility" and could mark the "beginnings of a stabilization process", said Mr. Saunders.
The airline industry has been one of the hardest hit by the coronavirus, as people and businesses cancel travel plans. For reasons that weren't immediately clear, traders said they were seeing surprisingly large gaps in prices being offered by buyers and sellers.
The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, surged 13.95 percent to 53.90 on Wednesday.
"The rout started from valuations at fairly rich levels, and deep value has not sufficiently emerged for bargain hunters to show up in force", Mr.More news: Covid-19 sees England coach Eddie Jones to lose part of income