Wall Street stocks skyrocketed on Friday, recouping a chunk of Thursday’s steep losses in a monster rally as President Donald Trump officially declared a national emergency over the coronavirus outbreak, providing fearful investors with momentary comfort.
The global outbreak, officially designated a pandemic earlier this week by the World Health Organization, has triggered widespread cancelations for major sports and cultural events and corporate conferences, and impelled universities across the country to halt in-person instruction. On Thursday, New York Governor Andrew Cuomo banned public gatherings of more than 500 people in New York state, effective Friday evening.
3:45 p.m. ET: Stocks test session highs as Trump outlines emergency responseInvestors, who have been beset by fear and loathing during the widening coronavirus crisis, are pushing Wall Street benchmarks to session highs as Trump declares a national emergency. Apparently, traders like what they’re hearing, and appear ready to test the upside .
3:15 p.m. ET: Jack Ma to the rescue in coronavirus crisisChinese billionaire and Alibaba co-founder Jack Ma announced a plan to donate 500,000 coronavirus testing kits and 1 million masks to the United States and urged international cooperation to fight the health crisis. “It is clear that the spread of the coronavirus is having serious consequences for Canadian families, and for Canada’s economy. In addition, lower prices for oil, even since our last scheduled rate decision on March 4, will weigh heavily on the economy, particularly in energy intensive regions.”2:21 p.m.
On Friday alone, the Fed will be purchasing about $37 billion worth of bonds across the yield curve, starting with long bonds.
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