topupufa700: Wall Street rallies after Trump declares virus emergency

Wall Street rallies after Trump declares virus emergency

14 Mar 2020 at 11:02pm
Wall Street shares rallied on Friday after US President Donald Trump declared the coronavirus outbreak a national emergency, freeing up money to fight the spread of the disease.

As the president spoke, the three main US indexes jumped more than 9%.

Earlier, London's FTSE 100 closed up 2.5%, retreating from an early surge, while other European indexes made similar moves.

The rally comes a day after Wall Street suffered its biggest losses since 1987.

Investors fear economies could slide into recession as a result of the pandemic, as business is disrupted, events are cancelled and schools in many countries close in an effort to contain the spread of the virus.

Many indexes around the world have now fallen more than 20% from their recent highs - a red flag for recession.

On Friday, the European Union said it will put in place a package of measures, including a €37bn euro (£33bn) investment initiative.

And German finance minister Olaf Scholz said his country could part-nationalise firms to tackle the crisis.

'Whatever we need'
In the US, House Speaker Nancy Pelosi, a Democrat, said her members would pass a bill that provides paid sick leave, among other aid. But Republicans and the White House have not said they will support it.

US Secretary Steven Mnuchin pledged the US would use "whatever tools we need". The national emergency declaration helps speed some kinds of funding to local governments.

In an interview with US broadcaster CNBC, he said he believed the coronavirus slowdown would be short-term and said the situation in 1987, when markets dropped some 20%, was a "much scarier time".

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