Stocks rallied furiously Friday, recovering most of the losses from Wall Street’s worst day since 1987, after the White House announced new steps to fight the coronavirus outbreak.
The Dow Jones Industrial Average rose 1,985 points, or 9.3% to close at 23,185. The S&P 500 and the Nasdaq each were up more than 9%.
The markets increased throughout most of the day, but the gains accelerated in the last half-hour of trading after President Trump declared a national emergency over the coronavirus and announced steps to speed access to testing.
Surrounding the president at the podium to pledge their help were the CEOs of some of the biggest companies in the country, including CVS, Walgreens, Walmart, Target and Quest Diagnostics.
The markets had lost nearly 10% of their value Thursday on concerns about the impact of the virus.
Treasury Secretary Steven T. Mnuchin, who has been negotiating with House Speaker Nancy Pelosi on a relief package, said Mr. Trump “is looking at a major stimulus package.”
“This is a short-term issue, maybe a couple of months,” Mr. Mnuchin said on CNBC. “We’re going to get through this, and the economy will be stronger than ever. The president is determined we will do whatever we need.”