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Stocks Surge as Trump Declares National Emergency: Live Market Updates Stocks Rally After Trump and Business Leaders Pledge Support: Live Market Updates
(32 minutes later)
Stocks rallied Friday, rebounding from their worst day in more than 30 years, after President Trump said leaders of private companies in the United States had agreed to help with efforts to test for the coronavirus, and declared a national emergency that would free billions in funding for states and territories to fight the epidemic.Stocks rallied Friday, rebounding from their worst day in more than 30 years, after President Trump said leaders of private companies in the United States had agreed to help with efforts to test for the coronavirus, and declared a national emergency that would free billions in funding for states and territories to fight the epidemic.
The S&P 500 rose more than 9 percent Friday, with most of the gains coming as government officials and business executives spoke at a news conference at the White House. The S&P 500 closed up more than 9 percent Friday, its best day since 2008, with most of the gains coming as government officials and business executives spoke at a news conference at the White House.
Mr. Trump said the administration was working with Google to develop a website to determine whether an individual needs a test — a move aimed at avoiding overwhelming the health system with people who are ill but do not necessarily need to be tested for coronavirus.Mr. Trump said the administration was working with Google to develop a website to determine whether an individual needs a test — a move aimed at avoiding overwhelming the health system with people who are ill but do not necessarily need to be tested for coronavirus.
“Google is helping to develop a website, it is going to be very quickly done, unlike websites of the past, to determine whether a test is warranted and to facilitate testing at a nearby convenient location,” he said.“Google is helping to develop a website, it is going to be very quickly done, unlike websites of the past, to determine whether a test is warranted and to facilitate testing at a nearby convenient location,” he said.
The chief executives of Walmart, Target and Walgreens all said they had agreed to make facilities available for testing. The chief executives of Walmart, Target and Walgreens all said they had agreed to make facilities available for testing. Executives from CVS Health, Roche Diagnostics and Signify Health were also in attendance.
Mr. Trump said he would waive interest on all student loans held by all government agencies. He also said that the energy secretary would be buying “large quantities of oil” to fill up the country’s strategic reserve.Mr. Trump said he would waive interest on all student loans held by all government agencies. He also said that the energy secretary would be buying “large quantities of oil” to fill up the country’s strategic reserve.
Financial markets have been nothing if not inconsistent for the past three weeks, plunging and then rising, and then plunging again, as each day brought new measures to contain the outbreak and new worries that the economy, workers and businesses would take a hit as a result of them.Financial markets have been nothing if not inconsistent for the past three weeks, plunging and then rising, and then plunging again, as each day brought new measures to contain the outbreak and new worries that the economy, workers and businesses would take a hit as a result of them.
On Thursday, stocks on Wall Street and in Europe plunged in their biggest daily drop since the stock market crashed in 1987, as Mr. Trump’s ban on the entry to the United States from most European countries disappointed investors, who had been waiting for Washington to take stronger steps to bolster the economy.On Thursday, stocks on Wall Street and in Europe plunged in their biggest daily drop since the stock market crashed in 1987, as Mr. Trump’s ban on the entry to the United States from most European countries disappointed investors, who had been waiting for Washington to take stronger steps to bolster the economy.
The fate of an economic relief package on Capitol Hill was left in doubt on Friday. Mr. Trump said Democrats are not “giving enough,” suggesting the two sides are still far apart on a bipartisan economic response. “We don’t think the Democrats are giving enough. We didn’t agree to certain things they agreed to. We could have something,” he said, adding “they’re not doing what’s right for the country.” Though stocks had been up for most of the day, reflecting growing expectations for government action to address the crisis, as well as Federal Reserve efforts to flood the markets will fresh liquidity. But the blue chip index shot higher at the end of the day as Mr. Trump spoke.
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Still, the fate of an economic relief package on Capitol Hill was left in doubt on Friday. Mr. Trump said Democrats were not “giving enough,” suggesting the two sides were still far apart on a bipartisan economic response. “We don’t think the Democrats are giving enough. We didn’t agree to certain things they agreed to. We could have something,” he said, adding “they’re not doing what’s right for the country.”
Late Thursday, Speaker Nancy Pelosi had said that she and Treasury Secretary Steven Mnuchin had “resolved most of our differences” on a package of economic aid for workers and companies. On Friday, when Ms. Pelosi spoke about the bill, she highlighted that it would fund testing programs to determine the scope of the outbreak but didn’t address whether it had bipartisan support or buy-in from the White House.Late Thursday, Speaker Nancy Pelosi had said that she and Treasury Secretary Steven Mnuchin had “resolved most of our differences” on a package of economic aid for workers and companies. On Friday, when Ms. Pelosi spoke about the bill, she highlighted that it would fund testing programs to determine the scope of the outbreak but didn’t address whether it had bipartisan support or buy-in from the White House.
And on Friday, Germany’s government said that it would make more than $600 billion available to help companies there, while France pledged to unleash tens of billions of euros to prevent a potential jump in unemployment by paying small and medium-size businesses slammed by the epidemic to keep workers on furlough.
Olaf Scholz, the German finance minister, said that his government could take further steps, including taking stakes in companies, if deemed necessary. “We can’t forget the lessons of the previous financial crisis,” Mr. Scholz told reporters in Berlin.
The volatility in markets this week reflects the increasing concern that governments and central banks may not be able to meaningfully mitigate the economic fallout from the spreading coronavirus.
In Europe, major indexes surged as much as 10 percent early in the day before losing steam as the week ended.
The Federal Reserve Bank of New York is buying up a variety of Treasury securities in a bid to keep markets functioning normally after trading in government debt broke down earlier this week — and that effort to help became even more substantial on Friday.The Federal Reserve Bank of New York is buying up a variety of Treasury securities in a bid to keep markets functioning normally after trading in government debt broke down earlier this week — and that effort to help became even more substantial on Friday.
The bank said it would pull forward its planned monthly purchases, which total $80 billion, so that half of them would be done by the end of the day. It would also “bring forward remaining purchases for this monthly calendar and adjust terms of operations as needed to foster smooth Treasury market functioning,” it said in a statement.The bank said it would pull forward its planned monthly purchases, which total $80 billion, so that half of them would be done by the end of the day. It would also “bring forward remaining purchases for this monthly calendar and adjust terms of operations as needed to foster smooth Treasury market functioning,” it said in a statement.
The swift action suggested to some investors that there could be more to come, and stock prices rallied on the back of the announcement.The swift action suggested to some investors that there could be more to come, and stock prices rallied on the back of the announcement.
“It’s a signal that they are diagnosing what it going on in the market,” said Julia Coronado, founder of MacroPolicy Perspectives. “It’s a signal that we’re likely to get quantitative easing next week, if not before.”“It’s a signal that they are diagnosing what it going on in the market,” said Julia Coronado, founder of MacroPolicy Perspectives. “It’s a signal that we’re likely to get quantitative easing next week, if not before.”
The Fed was ahead of its global counterparts in reacting to the coronavirus’s economic threat, slashing rates by half a percentage point last week in its first emergency move since the financial crisis. It is widely expected to lower rates again at its meeting next week, and analysts think it could revive more aggressive bond-buying, among other measures meant to cushion the market and real-economy fallout of the global pandemic.The Fed was ahead of its global counterparts in reacting to the coronavirus’s economic threat, slashing rates by half a percentage point last week in its first emergency move since the financial crisis. It is widely expected to lower rates again at its meeting next week, and analysts think it could revive more aggressive bond-buying, among other measures meant to cushion the market and real-economy fallout of the global pandemic.
With most finished movies pulled off the release calendar through the end of April, Hollywood studios started to halt their assembly lines on Friday, beginning with Disney.With most finished movies pulled off the release calendar through the end of April, Hollywood studios started to halt their assembly lines on Friday, beginning with Disney.
“While there have been no confirmed cases of Covid-19 on our productions, after considering the current environment and the best interests of our cast and crew, we have made the decision to pause production on some of our live-action films for a short time,” Walt Disney Studios said in a statement.“While there have been no confirmed cases of Covid-19 on our productions, after considering the current environment and the best interests of our cast and crew, we have made the decision to pause production on some of our live-action films for a short time,” Walt Disney Studios said in a statement.
The affected Disney projects include a new version of “The Little Mermaid,” which was supposed to begin shooting in London next week; “Shang-Chi and the Legend of the Ten Rings,” a Marvel superhero film; a remake of “Home Alone,” the 1990 comedy; “The Last Duel,” a period epic starring Ben Affleck and Matt Damon; and the big-budget “Peter Pan & Wendy.” The affected Disney projects include a new version of “The Little Mermaid,” which was supposed to begin shooting in London next week; “Shang-Chi and the Legend of the Ten Rings,” a Marvel superhero film; a remake of “Home Alone,” the 1990 comedy; “The Last Duel,” a period epic starring Ben Affleck and Matt Damon; and the big-budget “Peter Pan & Wendy.” Disney is also halting production on two scripted series and 16 pilots.
Netflix is halting production on all scripted television series and films in the United States and Canada for at least two weeks, according to two people briefed on the plans. This will affect dozens of shows, and it includes projects that are either filming or are preparing for production.
The decision was reached by Netflix executives after realizing that new government rules setting restrictions on gatherings would have made production next to impossible, one of the people said.
Warner Bros. also announced on Friday that it was halting production on more than 70 series and pilots that are filming. NBC Universal announced late Thursday night it would likewise halt production or accelerate filming to finish production for several series.
Treasury Secretary Steven Mnuchin vowed on Friday that the United States government would do whatever was necessary to ensure that markets have “almost unlimited” liquidity. He said that the economic relief package being negotiated with Congress was just the beginning of efforts to stimulate the economy in the wake of the coronavirus.Treasury Secretary Steven Mnuchin vowed on Friday that the United States government would do whatever was necessary to ensure that markets have “almost unlimited” liquidity. He said that the economic relief package being negotiated with Congress was just the beginning of efforts to stimulate the economy in the wake of the coronavirus.
“I think we’re like in the second inning of getting things done,” Mr. Mnuchin said on CNBC.“I think we’re like in the second inning of getting things done,” Mr. Mnuchin said on CNBC.
The Trump administration is considering additional relief measures, including a payroll tax holiday. Mr. Mnuchin also said that the administration is working on exemptions from tariffs imposed by President Trump that are affecting businesses, and that he would be open to waiving restrictions on withdrawals for 401(k) investments so that people can more readily access their savings.The Trump administration is considering additional relief measures, including a payroll tax holiday. Mr. Mnuchin also said that the administration is working on exemptions from tariffs imposed by President Trump that are affecting businesses, and that he would be open to waiving restrictions on withdrawals for 401(k) investments so that people can more readily access their savings.
European leaders said they would spend hundreds of billions of euros to prevent the coronavirus outbreak from provoking a deep recession or financial crisis.European leaders said they would spend hundreds of billions of euros to prevent the coronavirus outbreak from provoking a deep recession or financial crisis.
Nearly simultaneous announcements by leaders in Berlin, Brussels, Paris and other capitals contrasted with the bickering and finger-pointing that characterized Europe’s response to the financial crisis a decade ago, which left economic scars that have still not fully healed.Nearly simultaneous announcements by leaders in Berlin, Brussels, Paris and other capitals contrasted with the bickering and finger-pointing that characterized Europe’s response to the financial crisis a decade ago, which left economic scars that have still not fully healed.
Germany dropped its insistence on balanced budgets and said it would offer as much credit as businesses need to stay afloat. France promised to compensate citizens for lost wages. Italy was expected to introduce a multibillion-euro economic aid package. And the European Union said it would allow members to run bigger budget deficits than normally allowed.Germany dropped its insistence on balanced budgets and said it would offer as much credit as businesses need to stay afloat. France promised to compensate citizens for lost wages. Italy was expected to introduce a multibillion-euro economic aid package. And the European Union said it would allow members to run bigger budget deficits than normally allowed.
But the sums committed by national leaders were for their own countries. It is still an open question how far other European countries will be willing to go to help Italy, which has been hit hardest by the virus but has limited resources to respond because of a weak economy and enormous debt load.But the sums committed by national leaders were for their own countries. It is still an open question how far other European countries will be willing to go to help Italy, which has been hit hardest by the virus but has limited resources to respond because of a weak economy and enormous debt load.
With the United States struggling to meet coronavirus testing demands, China, which appears to have made progress managing the outbreak, has tried to become a resource for other nations.
On Friday, the Jack Ma Foundation and Alibaba Foundation said they would donate 500,000 testing kits and one million masks to the United States to help it deal with the pandemic. Alibaba is China’s biggest online retailer, and Mr. Ma is the company’s co-founder and former executive chairman.
“Drawing from my own country’s experience, speedy and accurate testing and adequate personal protective equipment for medical professionals are most effective in preventing the spread of the virus,” Mr. Ma said in a statement.
Mr. Ma said that the two foundations had, in recent weeks, also donated similar resources to Japan, Korea, Italy, Iran and Spain.
Delta will cut 40 percent of its flights over the next few months — more than it did after the 9/11 terrorist attacks — and is also parking up to to 300 planes, offering unpaid leaves, freezing hiring, scaling back its use of consultants and contractors and slashing capital spending by at least $2 billion for the year.Delta will cut 40 percent of its flights over the next few months — more than it did after the 9/11 terrorist attacks — and is also parking up to to 300 planes, offering unpaid leaves, freezing hiring, scaling back its use of consultants and contractors and slashing capital spending by at least $2 billion for the year.
“The speed of the demand fall-off is unlike anything we’ve seen — and we’ve seen a lot in our business,” Ed Bastian, Delta’s chief executive, wrote in an email to employees on Friday.
Berkshire Hathaway said it would not allow shareholders to physically attend its May 2 annual meeting in Omaha, which will be streamed online. All special events around the meeting were canceled.Berkshire Hathaway said it would not allow shareholders to physically attend its May 2 annual meeting in Omaha, which will be streamed online. All special events around the meeting were canceled.
Airbnb updated its “extenuating circumstances” policy on Friday, making it easier to get a refund. Customers with reservations in the United States, mainland China, South Korea or Italy can cancel bookings through the beginning of April free of charge.
Wynn Resorts is canceling all large entertainment gatherings from this weekend, including buffets, nightclubs and theaters in Las Vegas and Boston. The company said it would continue to pay its full-time employees.Wynn Resorts is canceling all large entertainment gatherings from this weekend, including buffets, nightclubs and theaters in Las Vegas and Boston. The company said it would continue to pay its full-time employees.
American consumers were slightly less confident in early March compared with a month ago, according to the latest University of Michigan consumer confidence index, reflecting early fears about the spread of coronavirus and its impact on the stock market. The index fell to 95.9 in March, which the survey described as a “modest decline” from 101.0 in February.American consumers were slightly less confident in early March compared with a month ago, according to the latest University of Michigan consumer confidence index, reflecting early fears about the spread of coronavirus and its impact on the stock market. The index fell to 95.9 in March, which the survey described as a “modest decline” from 101.0 in February.
Reporting was contributed by Alexandra Stevenson, Jeanna Smialek, Niraj Chokshi, Jim Tankersley, Cao Li, Matt Phillips, Amie Tsang, Carlos Tejada, Brooks Barnes, Tiffany Hsu, Mohammed Hadi and Katie Robertson.Reporting was contributed by Alexandra Stevenson, Jeanna Smialek, Niraj Chokshi, Jim Tankersley, Cao Li, Matt Phillips, Amie Tsang, Carlos Tejada, Brooks Barnes, Tiffany Hsu, Mohammed Hadi and Katie Robertson.