NEW YORK (AP) — Wall Street roared back from its worst day in 30 years Friday with a broad rally that sent the Dow Jones Industrial Average nearly 2,000 points higher — its biggest point gain ever — after President Donald Trump declared the coronavirus pandemic a national emergency.
The Dow’s gains doubled in the last half-hour of trading as Trump made his remarks, giving the index its biggest percentage gain since 2008 and capping a rally that recouped many of the losses from a day earlier. That’s when the index saw its worst slide since the Black Monday crash of 1987 and European indexes had one of the worst drops on record. The major indexes each closed with gains of more than 9%.
The turnaround wrapped up a week of brutal losses on Wall Street amid heightened fears that the virus outbreak will lead to a global recession. Investors have been clamoring for strong action from the U.S. government to combat the economic impact of the outbreak on businesses and workers. All told, the Dow jumped 1,985 points, or 9.4%.