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Stocks stage furious rally after national emergency declared

Video Credit: Reuters Studio - Duration: 02:16s - Published
Stocks stage furious rally after national emergency declared

Stocks stage furious rally after national emergency declared

Wall Street catapulted at the end of Friday's session, closing with a daily gain of more than 9% after President Trump took a step toward tackling the coronavirus outbreak.

Conway G.

Gittens has the details.

A historic week on Wall Street came to a close on Friday with an explosive rally.

The Dow jumped nearly 2,000 points, a more than 9% gain.

The S&P 500 and Nasdaq surged more than 9% as well - in Wall Street's biggest one-day rally since October 2008.

Investors went bargain hunting one day after the worst day for stocks since the 1987 crash.

Gains were also fueled by President Trump, who announced that there will be more coronavirus tests made available.

Julia Carlson is founder of Financial Freedom Wealth Management and she's optimistic the market may have found a bottom.

Though she expects more volatility, she described Friday's action this way: SOUNDBITE (ENGLISH): JULIA CARLSON, FOUNDER, FINANCIAL FREEDOM WEALTH MANAGEMENT, SAYING: "A relief rally.

I think the concerns that we all had yesterday, the fear and the anxiety and the worry that we wouldn't see another up day but here we get this today is just proof that this market is resilient.

We will get past this." In another sign of market hope, Treasury yields rose with the benchmark 10-year note, flirting with the psychologically important 1 percent interest rate.

Two of the sectors hardest hit by the coronavirus outbreak saw some relief.

Delta Air Lines, American and United say they are in talks with the U.S. government about potential assistance as they suffer from a drop-off in air travel.

The talks are said to be in the early stages.

Meanwhile, airlines are doing what they can to cut costs.

Delta announced it will eliminate 40 percent of its flights in coming months.

That's the largest reduction ever in its history.

Delta jumped almost 14 percent on Friday.

American and United finished higher as well.

One day after a unit of Carnival halted all voyages, Norwegian has followed suit.

No cruises will sail across its three brands through April 11.

It's handing out a 125% refund credit for a future trip.

Shares jumped 15 percent.

Royal Caribbean and Carnival were up as well.




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