Wall Street posted its best performance in nearly 90 years on Tuesday, as indices rallied on hopes that lawmakers would soon agree on a massive stimulus measures to blunt the coronavirus' economic impact.

At the close, the Dow Jones Industrial Average had risen by 11.4 percent to 20,704.91, its biggest one-day percentage increase since 1933.

The tech-rich Nasdaq gained 8.1 percent to close at 7,417.86, while the broad-based S&P 500 finished the day at 2,447.33, a gain of 9.4 percent.

The novel coronavirus first emerged in Wuhan, China last December and has since spread to at least 169 countries and regions, according to data compiled by Johns Hopkins University in the U.S.

More than 350,000 confirmed cases have been recorded worldwide with the death toll surpassing 15,000, while over 100,000 have recovered.

Despite the rising number of cases, most who become infected suffer only mild symptoms and recover. The World Health Organization has declared the outbreak a pandemic.