The US stocks rebounded on Friday and jumped up more than 9 percent after US President Donald Trump declared the coronavirus outbreak a national emergency.
The Dow Jones Industrial Average closed 1,985 points higher, or 9.4 percent, at 23,185.62. Friday marked the Dow’s biggest-ever point gain. The S&P 500 climbed 9.2 percent to 2,711.02 while the Nasdaq Composite surged 9.3 percent to 7,874.23. The averages posted their biggest one-day gain since October 2008, according to CNBC.
The BBC reported that Wall Street shares rallied on Friday after US President Donald Trump declared the coronavirus outbreak a national emergency, freeing up money to fight the spread of the disease.
As the president spoke, the three main US indexes jumped more than 9 percent.
Earlier, London’s FTSE 100 closed up 2.5 percent, retreating from an early surge, while other European indexes made similar moves.
The rally comes a day after Wall Street suffered its biggest losses since 1987.
Investors fear economies could slide into recession as a result of the pandemic, as business is disrupted, events are cancelled and schools in many countries close in an effort to contain the spread of the virus.
Many indexes around the world have now fallen more than 20 percent from their recent highs – a red flag for recession, the BBC reported.
CNN reported it was the best day for stocks since 2008, but indexes still ended the week with sharp losses. This pretty much sums up the market volatility.