INSUBCONTINENT EXCLUSIVE:
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.
In a volatile session, all three main indexes jumped more than 6% in early trading before paring to a gain of as
little as 0.55% on the S-P 500 before rallying towards the close as Trump made the announcement with industry leaders of about $50 billion
in federal aid to fight the disease.
"The initial take, he started talking about $50 billion, the market asked 'where is that going?'" said
Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
"But as he’s been bringing these various
leaders to the front and they have been talking about what they are doing, that is really what the market is responding to."
The indexes
were still about 20% below record highs hit in mid-February, and each saw declines of at least 8% 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 1%
Friday's surge was the biggest one-day percentage gain for the S-P 500 since Oct 28, 2008.
The Democratic-led U.S
House of Representatives will pass a coronavirus economic aid package on Friday, House Speaker Nancy Pelosi said, but it was unclear whether
Trump and his fellow Republicans would support it.
The Dow Jones Industrial Average rose 1,985 points, or 9.36%, to 23,185.62, the S-P 500
gained 230.38 points, or 9.29%, to 2,711.02 and the Nasdaq Composite added 673.07 points, or 9.35%, to 7,874.88.
All the main S-P 500
sub-indexes were trading higher, with financial stocks rising 13.23% as expectations of further liquidity measures by the Federal Reserve
pushed up Treasury yields, in what has become a very thin market.
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 8.84%.
Travel stocks, hammered in the rout, were trading higher, with the S-P 1500 airlines index up
11.58%
Hotel operators Marriott International Inc, Hilton Worldwide Holdings and Hyatt Hotels Corp all gained at least 1%.
Boeing Co jumped
9.92% but suffered its biggest weekly drop in its history on rising concerns about the company's growing cash burn.
Apple Inc rose 11.98%
and was among the top boosts to the benchmark S-P 500 and the blue-chip Dow, as the iPhone maker said it would reopen all 42 of its branded
stores in China.
Advancing issues outnumbered declining ones on the NYSE by a 4.73-to-1 ratio; on Nasdaq, a 2.95-to-1 ratio favored
advancers.
The S-P 500 posted 1 new 52-week highs and 120 new lows; the Nasdaq Composite recorded 2 new highs and 703 new lows.
Volume on
exchanges was 17.10 billion shares, compared to the 13.02 billion average for the full session over the last 20 trading days.
