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The S&P and the Dow had their worst quarter in nearly four years. But today, stocks rallied.

We'll get into why.

Plus, thousands of businesses have no idea when they'll get a refund of President

Trump's tariffs.

It's very clear at this point that the best case scenario is still some months before refunds do

start flowing.

And for some businesses, that is this existential question of whether they're able to remain open or not.

And Unilever and McCormick are combining their food businesses, creating a sauces and spices grocery giant.

It's Tuesday, March 31st.

I'm Alex O'Sullough for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

Hey, I'm Yomani Mouise, host of What's News and Markets, and I'm kicking off the show today.

Stocks closed out the quarter today with a big rally, but even with that, it was still the worst quarter in nearly four years.

WSJ markets reporter Hannah Aaron Lang joins me to break down how we got here.

So Hannah, when did the mood shift in markets and why?

What really dampened the mood on Wall Street was this war breaking out with Iran.

This posed a huge threat to global energy markets. Investors were

...