EDITOR'S NOTE
Stocks finished the day sharply higher after President Donald Trump extended social distancing guidelines until April 30.
Even though it was an admission that the U.S. economy would have to stay closed longer, it was in line with science and data. Investors had been worried that Trump might be pressured to open the economy too early, risking a larger spread of the COVID-19 virus, CNBC's Patti Domm writes.
Strategists continue to debate whether the stock market hit its bottom last week. 
Pandemic news also continues to worsen, as do its effects on the economy. CNBC's Jeff Cox writes that the Federal Reserve's St. Louis district is projecting the nation's unemployment rate to exceed 32% before this is all over. By comparison, the rate hit 24.9% during the Great Depression.
In an interview with CNBC last week, St. Louis Fed President James Bullard held out hope that this grim reality will be short-lived.
"Once the virus goes away, and if we play our cards right and keep everything intact, then everyone will go back to work and everything will be fine," he said.
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