The U.S. stocks gained ground on Monday after a week of decline largely blamed on fears surrounding the spread of COVID-19.

The Dow Jones Industrial Average rose 3.1% after wild swings that saw it trade briefly in the red, while the S&P 500 rose 2.9% and the Nasdaq Composite gained 2.8%.

The latest gains are attributed to investor confidence in the country's policy makers to initiate steps to mitigate the economic impact of COVID-19.

Since the outbreak of the virus in December 2019, more than 3,000 people have died worldwide, with nearly 90,000 confirmed cases.

In the U.S., there have been 2 deaths reported, with 89 confirmed cases, including four with undetermined origins.

So far, more than 60 countries have reported confirmed cases as health authorities around the world continue to bolster surveillance.

The World Health Organization (WHO) in late February raised its assessment of the risk of the disease spreading to "very high."