Mr Market kicked off the second quarter with a rally, extending gains into a second day. The upswing comes after heavy writedowns by Swiss bank UBS and data showing confidence among manufacturers at a four-year low.

Read on at Dow Jones MarketWatch.

“No matter what you think, now is the time to buy,” says value investor Chris Mayer.

“At the beginning of recessions, investors tend to continue buying the stocks that were acting well when the economy was growing. That means momentum stocks, or stocks that have gone up. But as you get into the recession, people start to think about valuation again. Momentum stuff starts to not make sense.”