Dow Jumps 9.36% in the Biggest One-Day Gain after Trump Announces National Emergency!

The U.S. President Donald Trump has declared a national emergency over the coronavirus pandemic that infected 138,000 people around the globe and killed more than 5,000 people. Wall Street rallied to their biggest one-day gain after the announcement.

 

The announcement of emergency declaration will free as much as $50 billion in financial resources to aid Americans who were affected by the outbreak.

“To unleash the full power of the federal government to this effort today, I am officially declaring a national emergency – two very big words,” Trump said in remarks at the White House. “The next eight weeks are critical,” said Trump.

 

To prepare for the pandemic, officials announced a web questionnaire set up by Google that Americans can fill out their current status to determine if they have symptoms or risk that will allow them to get a test for coronavirus. The test for the virus, under the website’s criteria, they will “drive-thru” the sites in order for people to stay in the cars which is one of the measures to contain the spreading.

Trump urged people not to casually test for the virus and only those who believed to have symptoms should take it.

Moreover, the president expected the U.S. to have 1.4 million coronavirus test kits available within a week, and a total of 5 million kits within the next month, but doubted that the country will need this “5 million kits”.

The national emergency also gives more authorities to Health and Human Service Secretary Alex Azar to waive several rules on how hospitals take in patients, and how long they can stay.

To help the U.S. students, Trump also announced that all interest on student loan debt held by the federal government will be waived.

 

Dow Jones rose 1,985 points or 9.36% to 23,185.62 points in a single session, marking a biggest single-day gain for Dow. S&P 500 jumped 9.29% and Nasdaq soared 9.35%. The averages posted the biggest single-day gain since October 2008