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Major indexes surged in early trading before paring gains throughout the afternoon and closing in negative territory.
"The world has finally seen a glimpse of light at the end of this dark tunnel," said Hussein Sayed, chief market strategist at FXTM.
A Goldman Sachs survey of big-money investors found that half think the stock market has further to fall
Of the 1,800 institutional investors surveyed by Goldman, roughly 75% still think the S&P 500 is in a bear market.
All 30 stocks in the Dow closed higher as optimism mounted around a flatter curve for coronavirus infections.
The market’s biggest stock-pickers quietly had their best quarter since the financial crisis as coronavirus caused historic turmoil
Indiscriminate selling through the three-month period created an "abundant alpha opportunity" for active stock pickers, Bank of America said.
"There is worse to come, hard though that may be to imagine," said a group of analysts from TS Lombard.
The stock market’s biggest source of buying power is quickly fading and won’t come back for years, new report says
Debate around whether buybacks are "socially unacceptable" could place a permanent drag on stock repurchases, Sanford Bernstein analysts wrote.
Spain and Italy reported their lowest death tolls in more than two weeks, while New York notched its first single-day decline in new virus deaths.
The 701,000 US jobs lost during the March period snapped a 113-quarter streak of additions dating back to 2010.
Declines across the energy, consumer discretionary, and industrial sectors will most-significantly weigh on the broad index, Goldman said.