New COVID-19 infections and deaths showed signs of slowing in Italy and Spain over the weekend. That spark of hope fueled a jump in markets around the world on Monday morning.

Where were the gains? U.S. stocks climbed more than 4 percent as trading opened, with similar gains in Europe and Asia. Markets have struggled since a dramatic increase in coronavirus infection rates caused businesses to shut down around the world. Crude oil fell again, however, after some gains the prior week when investors thought Saudi Arabia and Russia would cut back on production.

Empty spaces throughout the country testify to the economic vacuum the coronavirus pandemic brought with it. The Simon Property Group announced Wednesday it would close all 200 of its shopping malls and outlet centers. Major automakers are shutting down their North American factories. And the New York Stock Exchange will lock up its trading floors and move to all-electronic trading on Monday. The number of Americans filing for unemployment surged last week by 70,000 to the highest level in more than two years.

The U.S. stock market saw its worst loss in more than three decades on Monday. The Dow Jones Industrial Average fell by nearly 3,000 points after President Donald Trump said a recession may be on the way. But the markets remain volatile: The Dow opened higher on Tuesday, fell by about 600 points, and then evened out to its Monday closing level again—all in the first hour or so of trading.

The stock market tumbled again on Thursday. The COVID-19 outbreak continues to disrupt the American economy despite an effort from President Donald Trump to calm investor’s fears on Wednesday. The Dow Jones Industrial Average fell Thursday by more than 2,000 points, triggering a temporary halt in trading.

U.S. stocks recovered some on Tuesday after a steep decline the day before. The Dow Jones Industrial Average sank 7.8 percent on Monday in its steepest drop since the financial crisis of 2008. President Donald Trump said he would ask Congress to pass payroll tax relief to help calm the economy. The Securities and Exchange Commission, which oversees U.S. financial markets, asked employees to work remotely for the foreseeable future after an employee at the agency’s Washington headquarters came down with respiratory symptoms on Monday.

Trading on Wall Street came to a temporary standstill on Monday morning for the first time since the 2016 U.S. presidential election. Global stocks had plunged by more than the daily limit of 5 percent alongside the worst percentage drop in oil prices since the start of the Gulf War in 1991. Stock prices continued to fall when trading resumed later in the morning.

After rebounding on Wednesday, the U.S. stock market started to slide again on Thursday. Wednesday’s bounce back after Vice President Joe Biden’s resurgence in the Democratic Party’s Super Tuesday contests revealed Wall Street’s worries about Sen. Bernie Sanders, I-Vt., who has pledged to regulate banks and eliminate private health insurance. Many consider Biden more business-friendly.