(CNN) On the same day economists declared the recession official, US stocks surged, erasing their 2020 losses. The corona-recession officially began in February, just before the US issued widespread stay-at-home orders, the National Bureau of Economic Research announced Monday. Oh, and the World Bank expects the global economy will contract 5.2%, making this the worst global recession in 80 years. Wall Street is firmly embedded in Camp Optimism: The S&P 500 ended up 1.2% Monday, The S&P 500 ended up 1.2% Monday, erasing its losses for the year . Airbnb said bookings are surging for the summer as Americans warm up to the idea of traveling again.