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WOW! What a way to end what has unquestionably been a historic week.
After President Trump declared a State of Emergency and unveiled his administration’s plan to stop the coronavirus, the Dow rallied a mammoth 1,985 points on Friday.
This is the single largest point gain in history and comes close to erasing the losses earlier in the week.
President Trump unveiled his plan to combat the coronavirus with leaders such as Vice President Pence and Dr. Fauci behind him.
The plan gave investors such huge confidence that the Dow has almost broken even with the historic losses this week.
The Dow absolutely soared 1,985 points, which is a total of 9.3 percent.
More details on this encouraging news below:
The coronavirus pandemic has been described by some as a "black swan" event.
Others have said that it poses a challenge to the president's reelection, as it threatens the U.S. economy.
However, if investors' response to Trump's plan to combat the coronavirus are any indication, the stock market is itching to resume its rally.
During Trump's press conference declaring a State of Emergency, the Dow began skyrocketing.
Yahoo Finance has more on this late-breaking news:
U.S. equity markets soared in the final hour of trading as President Trump declared a national emergency over the coronavirus and enlisted the nation's biggest companies in the fight.
The Dow Jones Industrial Average surged by over 1,985 points or 9.3 percent. The S&P 500 and Nasdaq Composite also rallied over 9 percent.
Google, Walmart, Target, CVS and others will assist health officials in combating the outbreak and helping with procedures and testing.
The major averages rebounded from a Thursday selloff that was their steepest since the Black Monday crash of 1987. All three lost at least 9.5 percent amid an avalanche of cancelations and postponement of large social gatherings and sporting events aimed at slowing the spread of the new coronavirus.
Friday’s gains come as the U.S. Congress, which was supposed to recess on Friday, works overtime to pass a stimulus package. Meanwhile, reports indicate Europe is set to announce measures on Monday that could amount to 1 percent of gross domestic product.
Some of the hardest-hit corners of the market were among the biggest gainers on Friday.
Trump has surrounded himself by experts and is taking their advice to help protect Americans.
While the media and Democrats have been politicizing the administration's response to the crisis, the administration has been quietly working behind the scenes to develop a meaningful plan.
Today, they unveiled that plan, and investors are looking optimistic!
This is HUGE news!
Democrats and the media have been salivating over the possibility of a misstep during this crisis.
However, President Trump proved once again that he is a visionary leader who will do what it takes to protect our nation.
Trump was even able to convince CEOs of competing companies like Walmart, Target, CVS, and Walgreens to come together and partner with the federal government to defeat the coronavirus.
The Associated Press confirms the gain and has more insight from investors on Wall Street:
Wall Street roared back from its worst day in 30 years Friday with a broad rally that sent the Dow Jones Industrial Average nearly 2,000 points higher — its biggest point gain ever — after President Donald Trump declared the coronavirus pandemic a national emergency.
Fueled by a late-day surge while Trump was speaking, the Dow saw its largest percentage gain since 2008. The rally recouped many of the losses from a day earlier, when the index saw its worst slide since the Black Monday crash of 1987 and European indexes had one of the worst drops on record. The major indexes each closed with gains of more than 9%.
The session capped a dizzying week on Wall Street, with wild swings driven largely by uncertainty over how much damage the coronavirus would cause to the global economy. By Thursday, the Dow had suffered two drops of more than 2,000 points and the longest-ever bull market had ended.
Then on Friday stocks rallied, shooting sharply upward in the last half-hour of trading as investors appeared to gain confidence that the Trump administration has a plan to combat the outbreak from both a health care and economic perspective.
Despite Friday’s pickup, the market was on track for its worst week since October 2008, during a global financial crisis. In just a few weeks, U.S. stocks have lost all the gains made during 2019, one of the best years for the market in decades. All the major indexes are in what traders call a bear market.
Investors have been clamoring for strong action from the U.S. government to combat the outbreak’s effect on businesses and workers. News that the White House and Congress were close to announcing an agreement on a package to provide sick pay, free testing and other resources helped boost the market.
“We’re finally getting that a little late to the party, but it’s better to be late to the party then not to come to the party,” said Ryan Detrick, senior market strategist at LPL Financial. He said the stimulus plan should help cushion the financial effects on people and businesses.
Stocks jumped in the early going Friday after Treasury Secretary Steven Mnuchin said on CNBC that the two sides were “very close to getting this done.” But during a late-afternoon White House press conference, Trump said the White House and Congress had yet to agree on a broader aid package. He said he doesn’t believe House Democrats are “giving enough.”
Speaker Nancy Pelosi said the House would approve its own coronavirus aid package and urged the Trump administration and congressional Republicans to “put families first” by backing the effort to provide Americans with relief.
The market’s rout intensified this week amid a torrent of cancellations and shutdowns worldwide. Business closures have fueled fear that a severe pullback in consumer and business spending will tip the U.S. economy into a recession and wreck corporate profits.
Meanwhile, Warren Buffett said Friday that the annual shareholder meeting for Berkshire Hathaway will be streamed live in early May without any attendees, apart from maybe a select number of journalists. The meeting normally draws a crowd to rival professional sporting events.
The virus has infected over 137,000 people worldwide. More than 5,000 have died, but half of those who had the virus have already recovered. The pandemic’s new epicenter is Europe. In the United States, cases have topped 1,600, while 41 people have died, according to the Centers For Disease Control and Prevention.
Furthermore, during the conference, President Trump also stated that future announcements would be coming.
Because Democrats and the media are politicizing the coronavirus, it's clear that the administration is holding its cards close to its chest until its time to make official announcements.
How will the stock market respond as the administration continues to unveil its long-term plan?
Only time will tell, but if today is any indication, there are hopefully some smoother waters ahead.