On Friday, U.S. stocks regained yesterday’s losses after President Trump announced a national emergency over the Coronavirus crisis, giving confidence to the U.S. markets.
“I am officially declaring a national emergency—two very big words,” President Trump said. “The action I am taking will open up access to up to $50 billion…and a large amount of money for states, territories and localities,” he continued.
The Dow Jones Industrial Average gained 1,985 points or 9.4%, to 23,182, its largest one-day gain in history. The Nasdaq Composite jumped 9.3% and the S&P 500 jumped 9.2%, showing strong recovery amidst the novel virus scare.
Some of the hardest-hit stocks on Thursday rebounded the most on Friday, and “Google, Walmart, Target, CVS and others will assist health officials in combating the outbreak and helping with procedures and testing,” reports Fox Business. The announcement will assist the private companies as well as assist with the rebuilding after the virus.