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Stocks rebound on stimulus hopes after worst day since 1987

Stocks recovered Friday following a brutal week of selling after President Donald Trump declared a national emergency over the fast-spreading coronavirus, a move that will free up about $50 billion in federal aid to combat the global pandemic.

Trump also announced new efforts to expand testing for the virus. Investors were anticipating an aid package from Washington, a move that investors hope can stem the economic damage from the virus. 

Stocks accelerated gains in the final half hour of trading in the midst of Trump’s remarks to post their biggest one-day gain since the financial crisis. Traders and analysts said the latest developments removed some uncertainty that was hanging over financial markets. 

“The change in tone shows that the Trump administration is taking this more seriously now,” says Thomas Martin, senior portfolio manager at Atlanta-based GLOBALT Investments. “This still isn’t over by any stretch, but it’s a better sign.”

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