Market Rallies 1,985 Points After Trump Declares National Emergency


Wall Street's wild week continued on Friday as the market rallied hard in the final few minutes of trading, with the Dow Jones Industrial Average gaining 1,985 points, one day after it dropped nearly ten percent - the worst since the 1987 "Black Monday" stock market crash.

The Dow wasn't the only winner of the day. The S&P 500 also gained 228 points, or 5.8% on the day, with the Nasdaq ahead 672 points or 5.4%. It was Wall Street's biggest rally since the financial crisis in 2008. The averages all posted their best one-day gain since October 2008.

The markets were particularly encouraged by news about some of the measures President Donald Trump's administration was preparing to take in an effort to combat the rapidly spreading coronavirus pandemic. Those measures included up to 50,000 additional tests being made available by next week as well as a new website designed by Google that would help better communicate information to the public about the virus.

Investors were also encouraged by news of a possible fiscal stimulus from the U.S. government as the White House and leaders in Congress get closer to a deal.

Trump also stated that he was ordering the Energy Department to purchase oil for the U.S. strategic petroleum reserve, after oil prices cratered thanks to an oil price war between Russia and OPEC Member Saudi Arabia.

Despite Friday's rally, stocks will finish in the red for the week. The Dow lost 9.4% overall, with the S&P 500 dropping about 8.8% on the week. The Nasdaq Composite was also down week-over-week by 8.2%.

Photo: Getty Images

Sponsored Content

Sponsored Content