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US stocks initially jumped again Tuesday, as Wall Street nursed hopes that the coronavirus crisis finally may be peaking, before sliding by the end of the day.

After surging as much as 937.25 points, or 4.1 percent, amid signs that the pandemic is slowing, the Dow Jones industrial average closed down 26.13 points, at 22,653.86. The S&P 500 index and the Nasdaq composite also climbed in early trading but lost ground, slipping 4.27, to 2,659.41. The Nasdaq eventually slipped 25.98, to 7,887.26

Initial optimism, fueled by reports that Tuesday was the first day that China, where the outbreak started, had no new COVID-19-related deaths for the first time since January, incited optimism that had faded by the day’s end.

The early gains followed a Monday rally that saw the Dow surge 1,627 points as virus deaths slowed in hard-hit places. Investors appeared encouraged by signals that Italy and Spain — two European hotspots — are looking to loosen lockdown measures.

But there are lingering questions about just how much the economy will suffer from widespread lockdowns, with nearly 10 million Americans applied for unemployment benefits in the last two weeks of March.

“The situation is resembling 1929, when stocks initially nosedived, but then rallied only to fall a cumulative 89 percent after investors realized the severity of the depression,” said economist Gary Shilling, who is known for prescient forecasts.

“The parallel today is that the corona scare may be ending from a health standpoint, but the damage to worldwide economies is yet to unfold.”

Additional reporting by Thornton McEnery