Wall Street rallied Tuesday morning, just one day after a historic rout that saw the Dow Jones Industrial Average drop by 2,013 points, the most ever.

The Dow soared by almost 800 points at the opening bell, with the S&P 500 and Nasdaq each notching up gains of around 3 percent.

Global stock markets plummeted Monday, after an all-out price war between key oil producers Saudi Arabia and Russia added to heightened concerns connected to the economic impact of the rapidly spreading virus. Companies have canceled industry gatherings, banned non-essential travel, and asked employees to work from home where possible. Health officials have even urged older people to avoid cruise ships, lengthy trips, and public events.

The rebound in stocks came after President Donald Trump said on Monday he will take “major” steps to ease concerns about the economy in light of the coronavirus outbreak. Trump said he would be meeting with congressional Republicans on Tuesday to discuss payroll tax cuts.

“We’ll be discussing a possible payroll tax cut or relief, substantial relief, very substantial relief, that’s a big number,” Trump told reporters at a news briefing Monday afternoon.

White House officials were reportedly caught off guard by the president’s comments, with one official telling CNBC the actual details remain up in the air. “It’s not there right now,” an official said of any economic plan. “A lot of details need to be worked out.”

The White House has been consulting with industry groups on the kind of immediate relief that might be required. Executives from at least seven of Wall Street’s major banks are set to meet with Trump at the White House on Wednesday afternoon to discuss the response to the epidemic.

Trump has continually downplayed the effects of the virus — tweeting that a steep drop in oil prices is good for consumers, and blaming the news media for the plunging stocks.