U.S. stocks climbed earlier this morning but fell to session lows after President Trump tweeted he will hold a news conference at 3 p.m. today.
U.S. stocks climbed earlier this morning but fell to session lows after President Trump tweeted he will hold a news conference at 3 p.m. today.
U.S. stocks climbed earlier this morning but fell to session lows after President Donald Trump tweeted he will hold a news conference at 3 p.m. EST Friday to address the coronavirus outbreak.
This morning, global equities fought to crawl back from a historic meltdown. Dow futures and European equities surged amid signs that global governments were trying to step up the fight against the coronavirus outbreak.
Stocks on Wall Street suffered their worst losses since the Black Monday crash of Oct. 19, 1987, on Thursday. Investors sold nearly everything, including bonds and gold, in a panic that centered on fear that governments and central banks were not doing enough to deal with the economic fallout of the fast-spreading virus.
The Dow plunged 2,352.60 points, or 10%, to end at 21,200.62 on Thursday.
U.S. trading on Friday began with a strong rebound. In mid morning, the Dow Jones Industrial Average was up 637.23 points, or 3%, at 21,837.85. The S&P 500 had risen 3.5% and the Nasdaq Composite gained 3.7%, marking a partial recovery after their latest battering.
At 10:55 a.m., President Trump tweeted he will hold a news conference today on the topic of coronavirus. The three major indexes dropped shortly after to session lows.
House Speaker Nancy Pelosi said she and the Trump administration were near to a deal on a coronavirus aid package that would include pay for sick days, free testing, and other resources. Treasury Secretary Steven Mnuchin said talks with Democrats were going well.
“We’re very close to getting this done,” he said, and that the government will use whatever tools are needed to help industries weather the crisis.
The Stoxx Europe 600 index was up 4.6% on Friday after the worst day in history for the index. Spanish and Italian stocks led the way with 9% and 14% gains, after exchange authorities in those countries and in the U.K. banned short selling on those beaten-down equities.
Germany, meanwhile, promised aid for everyone from individuals to large companies, and saying that the government is in a position to spend heavily.
Norway’s central bank reduced rates, while the European Central Bank tried to allay disappointment that it didn’t cut interest rates on Thursday, and the People’s Bank of China also cut its reserve-requirement ratio, freeing up money for banks to lend.
ECB chief economist Philip Lane said in a blog post on Friday that the central bank retains the option of cutting interest rates in the future if it sees fit. He added that the bank would “ensure that the elevated spreads that we see in response to the acceleration of the spreading of the coronavirus do not undermine transmission.”
Spreads, in this context, are the differential between yields on government debt issued by countries such as Italy, hit hard by the crisis and seen as fiscally weak in any case, and those on German bonds.
Asia finished mostly lower, with the Nikkei 225 index sliding 6%, but Australia’s S&P/ASX 200 stood out. The index jumped 4.4% after leaders across the country signed a deal to cushion the economy from the outbreak that has now infected more than 100,000 people globally.
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“The message today from Europe has been clearer, much clearer,” said Neil Wilson, chief market analyst at Markets.com. “Fiscal stimulus on the table. Europe has really rallied round after yesterday’s shock to say they will do ‘whatever it takes’. The clearer messaging from the authorities is supportive of equity markets.”
Write to Barbara Kollmeyer at bkollmeyer@marketwatch.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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March 13, 2020 at 05:15PM
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Stocks Gains Fade. The Market Looks to President Trump. - Nasdaq
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