Stocks surge as Trump announces new measures to fight virus; Dow up 1,900 points

The S&P 500 rose more than 9%, providing some respite after stocks’ worst day since 1987, as Trump declared a national emergency to help combat the coronavirus

Agencies
Updated14 Mar 2020, 01:52 AM IST
LHC Group’s Bruce Greenstein elbow bumps with President Donald Trump during a news conference about the coronavirus in the Rose Garden at the White House, Friday (Photo: AP)
LHC Group’s Bruce Greenstein elbow bumps with President Donald Trump during a news conference about the coronavirus in the Rose Garden at the White House, Friday (Photo: AP)

Wall Street stocks rallied Friday to conclude a bruising week on a more upbeat note as US President Donald Trump declared the coronavirus a national emergency.

At the closing bell, the Dow Jones Industrial Average stood at 23,173.86, up nearly 2,000 points or 9.3 percent, recovering most of Thursday's losses.

The broad-based S&P 500 jumped 9.2 percent to 2,708.62, while the tech-rich Nasdaq Composite Index jumped 9.3 percent to 7,874.23.

US stocks jumped as Trump joined other world leaders in seeking to reassure investors that they’ll step up efforts to protect the economy from the coronavirus fallout.

The S&P 500 rose more than 9%, providing some respite after stocks’ worst day since 1987, as Trump declared a national emergency to help combat the virus, moved to prop up energy prices and said the private sector will help with efforts to expand testing. That added to optimism after the Federal Reserve said it was buying $37 billion of bonds across maturities.

Oil soared as Trump said the US will step up purchases for strategic reserves. The dollar surged along with Treasury yields and stress in the credit markets showed signs of easing. Precious metals fell, with silver down almost 9% and palladium posting its worst week on record.

The S&P 500’s gain Friday was its biggest since 2008, even as the gauge lost 11% this week.

After days of no or inadequate action, policy prescriptions came fast Friday. As Trump announced his plans, Congress was also working on a relief bill. The European Union prepared to suspend government spending rules, and regulators in Italy and Spain banned short-selling on some stocks. China’s central bank said it would pump in $79 billion to bolster the economy.

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First Published:14 Mar 2020, 01:52 AM IST
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