Dow surges 5% | Apple jumps 9% | Fed to the rescue?

Stocks enjoyed a huge rebound on Monday as investors bet on lower interest rates.

VIEW IN BROWSER | SUBSCRIBE MON, MAR 02, 2020 EVENING BRIEF AS OF MON, MAR 02, 2020 • 04:38 ET DJIA 26703.32 +5.09% +1293.96 S&P 500 3090.23 +4.60% +136.01 NASDAQ 8952.17 +4.49% +384.80   Most Active DOW NAME LAST CHG %CHG AAPL 298.81 +25.45 +9.31% MSFT 172.79 +10.78 +6.65% CSCO 41.17 +1.24 +3.11% S&P 500 NAME LAST CHG %CHG BAC 29.37 +0.87 +3.05% GE 11.21 +0.33 +3.03% AMD 47.46 +1.98 +4.35% NASDAQ NAME LAST CHG %CHG AMD 47.46 +1.98 +4.35% AAPL 298.81 +25.45 +9.31% MSFT 172.79 +10.78 +6.65% EDITOR'S NOTE Stocks staged a roaring comeback rally Monday with the Dow Jones Industrial Average up more than 1,200 points. The Dow's 5% gain was its biggest since 2009. Apple alone jumped 9%.   Behind the amazing surge? Traders are betting the Federal Reserve is on its way to the rescue. Unfortunately, not everyone thinks lowering interest rates will be effective when the problem is a global public health emergency, writes CNBC's Jeff Cox.   "The market's like a 2-month-old child," said Christopher Whalen, founder of Whalen Global Advisors. "Every time it cries, it wants to be picked up. Sometimes you've got to leave the baby in the crib."   There's no guarantee Monday's rally will hold, but CNBC's Tom Franck writes that the market is was indeed due for a big comeback eventually, given the history of sudden market shocks. History shows the gains have more to go. The Dow's stunning turnaround came despite early losses posted in pre-market trading. The yield on the 10-year Treasury hit another record low overnight, but it has also rebounded from its low.   Mohamed El-Erian, chief economic advisor at Allianz, told CNBC's "Squawk Box" that it's a market for short-term tactical buyers, but he does not otherwise advise buying the dips, as so many investors have been conditioned to do.   "If you are a long-term investor, I would wait," he said. "I think fundamentals are going to deteriorate even faster."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow soars nearly 1,300 points History of sudden market shocks shows the market is due for a big comeback With the Fed expected to ease, doubts arise over whether rate cuts will help Robinhood says it's experiencing a 'system-wide outage' as markets rebound in heavy volume Monday Seattle-area officials report new coronavirus deaths, bringing US total to 6 10-year Treasury yield drops to another record low of 1.03% as historic fall in US rates continues Jack Welch, former chairman and CEO of GE, dies at 84 Sen. Amy Klobuchar will drop out of the presidential race, endorse Joe Biden Cramer: 'Unless the Fed can create a vaccine or beat the virus,' rate cuts won't matter General Motors to provide in-depth look at its all-electric vehicle plans in bid to convince Wall Street it can take on Tesla     TOP VIDEO Wharton's Siegel: There could be a 'short, quick recession' but long-term value not impaired   CNBC PRO Analysts just upgraded a ton of stocks in the wake of the market plunge. Here are the details   SPECIAL REPORTS 'This is the time to go shopping,' trader says—here are the tech and energy stocks he recommends Gold has 'immunity' to coronavirus, Goldman says   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS