Stocks stage furious rally late after national emergency declared

REUTERS: Wall Street staged a furious rally in the waning moments of the session on Friday after U.S. President Donald Trump declared a national emergency to combat the rapidly spreading coronavirus, although major averages still suffered sharp losses for the week.

The indexes were still about 20per cent below record highs hit in mid-February, and each saw declines of at least 8per cent for the week. Since hitting the highs, markets have been besieged with big swings in the market, nearly matching as many days with declines of at least 1per cent as all of 2019. Friday's surge was the biggest one-day percentage gain for the S&P 500 since Oct 28, 2008.The Democratic-led U.S.

Oil also looked set to end the week with a silver lining, as both Brent and WTI crude settled higher after a near-collapse in prices on Monday due to a price war between Saudi Arabia and Russia. The S&P 500 energy index added 8.84per cent. Boeing Co jumped 9.92per cent but suffered its biggest weekly drop in its history on rising concerns about the company's growing cash burn.

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