..., moments ago the rally reversed after CNBC reported that the White House is not ready to roll out specific economic proposals in its response to the widening impact of the coronavirus outbreak.

In addition to the potential payroll tax cut, which faces skepticism from Senate Republicans, Trump also said that the administration would work with travel industry players, such as airlines and cruise lines, as travel restrictions and fears stemming from the outbreak take a toll on them. American Airlines on Tuesday, for instance, slashed international and domestic flights as demand craters.

Wage relief for hourly workers is also under discussion, but it would require big federal spending and there are no details about how such a policy would work, an official said.