NEW YORK (AP) — Stocks are closing solidly higher after President Donald Trump promised he's "going big" with plans to blunt the economic pain caused by the coronavirus outbreak.

The market got back not quite half of what it lost in a breathtaking drop a day earlier, which was the biggest in more than three decades.

The S&P 500 rose 6% and the Dow rose 5.2%, or 1,049 points. Treasury Secretary Steven Mnuchin said the government intends to send to checks to Americans in the next two weeks.

Earlier, the Federal Reserve dusted off a program from the 2008 financial crisis to get the short-term borrowing market working more smoothly.