NEW YORK (AP) — Stocks surged, recouping much of a historic plunge, after President Donald Trump announced new measures to fight the coronavirus.
The Dow Jones Industrial Average jumped 1,985 points, or 9.4%, its best gain since October 2008. Stocks doubled their gains in the last half-hour as Trump made his remarks.
The rally came at the end of a week of turbulent trading fueled by heightened fears that the fallout from the coronavirus could bring on a global recession. Thursday’s drop was the worst since the Black Monday crash of 1987.
Investors have been clamoring for strong action from the U.S. government to combat the economic impact.