U.S. equity markets clawed back from a 600+ point drop Friday heading into the Iowa caucuses.


The gains helped the major averages win back about a quarter of the losses suffered on Friday as the number of confirmed cases of coronavirus surged. Stocks received a boost from the Institute for Supply Management manufacturing survey, which printed at 50.9, its strongest since July.

Investors shrugged off the nearly 8 percent plunge in China’s Shanghai Composite, which had been closed since Jan. 22 for the Lunar New Year holiday.

Overnight, China's National Health Commission said the coronavirus outbreak has now sickened more than 17,000 people and killed 361. In response to the outbreak, the People’s Bank of China on Sunday announced plans to inject 1.2 trillion Chinese yuan ($173 billion) into the system to cushion its blow to the economy. Monday was the first day of trading for Chinese markets, which have been closed since Jan. 22. Read more at FOX Business