The Fed took action to "address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak.”

The Russell 2000, which serves as a proxy for domestically-focused companies, has dropped 26% since a January high.

Fundamentals will be the key for how long it sticks around.

Holdings in gold-backed exchange-traded funds surged by 55 tons in the previous three days, or 1.8 million ounces, accounting for almost a third of year-to-date inflows.

Global growth could follow a U-shaped path over the next few quarters, though substantial uncertainty remains as policymakers grapple with the impact of the coronavirus.