March 13, 2020 at 1:01 AM EDT – Updated March 13 at 4:22 PM
NEW YORK (AP) – Stocks surged, recouping much of a historic plunge, after President Donald Trump announced new measures to fight the coronavirus.
The Dow Jones Industrial Average jumped 1,985 points, or 9.4%, its best gain since October 2008.
Stocks doubled their gains in the last half-hour as Trump made his remarks.
The rally came at the end of a week of turbulent trading fueled by heightened fears that the fallout from the coronavirus could bring on a global recession.
Thursday’s drop was the worst since the Black Monday crash of 1987.
Investors have been clamoring for strong action from the U.S. government to combat the economic impact.
European markets rose 4% a day after one of their worst drops on record.
Shares are up about 5% in Paris and London but fell 6.1% in Japan.
The wild swings continued as governments stepped up precautions against the spread of the new coronavirus and considered ways to cushion the blow to their economies.
Asian markets ended a volatile day mostly lower.
India’s Sensex gained 4% after plunging 10% when it opened.
More central banks, including those of China, Sweden and Norway, intervened to flood credit markets with liquidity, a day after similar interventions from the U.S. Federal Reserve and European Central Bank.
In the U.S., repeated selloffs over the last month have wiped out most of the big run-up on Wall Street since President Donald Trump’s 2017 inauguration.
The Dow industrials plunged more than 2,300 points, or 10%, despite actions from the Federal Reserve and the European Central Bank.
Dow plunges 2,300 points over coronavirus fears
Copyright 2020 Associated Press. All rights reserved.
