A medical solution to coronavirus will form a bottom to the market: Allianz advisor El-Erian

Mohamed El-Erian, chief economic advisor at Allianz, joins "Squawk Box" to discuss the economic impact of coronavirus as well as what he's watching in the markets.

Stocks jumped on Monday, rebounding from sharp losses in the previous week, as the number of new coronavirus cases in the U.S. appeared to slow down.

The Dow Jones Industrial Average traded 1,200 points higher, or more than 5%. The S&P 500 gained 5.5% while the Nasdaq Composite advanced 5.4%.

American Express gained more than 10% to lead the Dow higher. Dow Inc, Raytheon Technologies and JPMorgan Chase rose more than 7% each. The S&P 500 was led by the industrials and financials sectors, both of which traded more than 5% higher. Retail stocks such as Nordstrom, Kohl’s and Macy’s also rose sharply.

Investors were encouraged by data that shows a slowing in the number of daily U.S. coronavirus cases, although it is still early to determine a lasting trend. There were about 30 thousand new cases on Thursday, 32.1 thousand cases on Friday, 33.26 thousand cases on Saturday, and then a slowing to just 28.2 thousand new cases Sunday, according to the latest data from Johns Hopkins.

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