S&P futures hit upper trading limit after another brutal session

(Reuters) – S&P 500 futures hit their daily upper trading limit on Tuesday, rebounding from another brutal session caused by investor panic over the rapidly spreading coronavirus.

Investors are pinning their hopes on a $2 trillion economic rescue package, negotiations over which appeared to have made progress late on Monday. The bill could be voted on as soon as Tuesday.

At 05:47 a.m. ET, S&P 500 e-minis EScv1 rose 5.09% to its upper trading limit of 2,333.5 points. Dow e-minis 1YMcv1 were up 930 points, or 5.03% and Nasdaq 100 e-minis NQcv1 were up 375 points, or 5.37%.

SPDR S&P 500 ETFs (SPY.P) were up 4.96%.

The S&P 500 index .SPX closed down 2.93% at 2,237.4​ on Monday.

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