U.S. stocks open higher, bouncing after the worst day since 2008

Wall Street stocks rebounded early on Tuesday after suffering their worst drop since 2008 on Monday.

About 15 minutes into Tuesday trading, the Dow Jones Industrial Average stood at 24,484.20, up 2.7 percent or around 630 points. The broad-based S&P 500 surged 2.5 percent to 2,814.92, while the tech-rich Nasdaq Composite Index advanced 2.6 percent to 8,159.77. 

Stocks bounced back after the White House indicated it will propose a payroll tax cut to ease the burden from the coronavirus fallout.

(With input from agencies)