Stocks were in free fall for much of the past week as fears over the coronavirus continue to mount. However, Friday saw a drastic change for the better.
The Dow Jones Industrial Average gained 1,985 points, representing a 9.36 percent gain over the previous day, Breitbart reported. Other indices made huge gains as well, with the Nasdaq and S&P 500 growing by 9.34 percent and 9.29 percent, respectively.
Those gains came in the wake of a Rose Garden address in which President Donald Trump laid out his plan for responding to the virus.
National emergency declared
“To unleash the full power of the federal government in this effort, today I am officially declaring a national emergency,” the president told reporters. “Two very big words.”
“The action I am taking will open up access to up to $50 billion of very importantly — very important and a large amount of money for states and territories and localities in our shared fight against this disease,” he said.
“In furtherance of the order, I’m urging every state to set up emergency operation centers effective immediately,” Trump continued. He also noted that private sector actors would have an important role to play in stemming the crisis.
“You’re going to be hearing from some of the largest companies and greatest retailers and medical companies in the world,” he noted. “They’re standing right behind me and to the side of me.”
Trump went on to provide details on how state, federal, and local medical authorities would coordinate when it came to testing for the disease as well as providing care for those who are infected.
“We’ll remove or eliminate every obstacle necessary to deliver our people the care that they need and that they’re entitled to,” he promised. “No resource will be spared. Nothing whatsoever.”
Possible relief for debtors and energy producers
In addition to health matters, Trump also answered questions about economic remedies that he was hoping to pursue.
When a reporter asked about the possibility of waiving interest payments on federal student loans and buying surplus oil for the nation’s energy reserves, the president indicated that both options were on the table.
“Yeah, well, that’s true. And we are looking at many different things, as you know,” adding that more information would be soon to follow.