BREAKING: Stocks surge, recouping much of a historic plunge, as Trump announces new measures to fight virus; Dow up 1,900 points.
Stock trader Thomas Lee works at the New York Stock Exchange, Friday, March 13, 2020. Stocks are opening sharply higher on Wall Street a day after the worst drop since 1987.
An early surge in buying subsided around midday, but then regained momentum by mid-afternoon, leaving major indexes up about 3.3%. They had been up as much as 6% earlier. The Dow Jones Industrial Average was up more than 740 points. The Dow’s 10% drop a day earlier was its worst in more than 30 years.
Treasury Secretary Steven Mnuchin said on CNBC that the two sides were “very close to getting this done.” President Donald Trump was expected to hold a news conference later Friday. Even with Friday’s pickup, the stock market was on track for its worst week since October 2008, during a global financial crisis. In just a few weeks, U.S. stocks have wiped out all the gains made during 2019, one of the best years for the market in decades. All the major indexes are in what traders call a bear market.
Investors’ anticipation of a government stimulus effort and a rate cut by the Fed next week likely put traders in a buying mood, though it’s not unusual for stocks to rebound a day after a big decline, something Wall Street calls a “dead cat bounce.” This week’s historic sell-off helped to wipe out most of the big gains since President Trump took office in 2017. After hitting an all-time high on Feb. 19, the S&P 500 fell more than 20%, officially ending Wall Street’s unprecedented bull-market run of nearly 11 years. The slide into a bear market has been the fastest since World War II.
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