Sao Paulo's stock exchange rebounded more than seven percent at close on Tuesday after plummeting 12 percent on Monday when global markets panicked over the new coronavirus and a plunge in oil prices. The Ibovespa index experienced a volatile day, opening up 6.5 percent before those gains whittled away to less than 2.5 percent. But it rallied late in the day to help undo some of the damage from Monday's biggest single day losses since 1998. The Brazilian exchange is the largest in Latin America. Its partial recovery was attributed to expectations that the United States would announce measures to compensate for the impact of the coronavirus. The recovery was led by retail distribution companies such as the Via Varejo chain whose stocks rose more than 21 percent, and primary materials such as the Vale mining company whose shares rose almost 18.5 percent. But whereas state-controlled oil giant Petrobras surged in the morning, its gains were around just nine percent at close. Petrobras's stocks had crashed by around 30 percent on Monday after global oil prices suffered their biggest drop since the 1991 Gulf War. Trading was suspended for 30 minutes on Monday after a sudden plunge of 10 percent triggered automatic circuit breakers. Although stocks briefly stabilized, they fell more by the close of business. Brazil's real also showed signs of recovery, trading at 4.68 to the dollar early on Tuesday after having dropped to a record low of 4.79 on Monday. js/yow/bc/bfm