Stocks soar as Trump announces new coronavirus response measures alongside corporate leaders

NYSE.
(Image credit: Andrew Burton/Getty Images)

Investors sure seemed to like President Trump's speech on the government's coronavirus response plan.

U.S. markets yo-yoed back up on Friday afternoon, with the Dow Jones Industrial Average soaring 1,985 points, or 9.4 percent, its largest single-day point gain in history, reports CNBC. The S&P 500 and Nasdaq Composite climbed 9.2 and 9.3 percent, respectively, their largest one-day gains since 2008.

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MSNBC's Chris Hayes seemed to think Trump's main focus was on reviving markets, even down to the timing of the announcement event.

"The single most important thing to make clear today was what the timeline for scaling up testing capacity was and we still have no idea," wrote Hayes on Twitter. One thing that was made clear is that major corporations like CVS and Walmart, whose executives appeared at the press event with Trump, will be heavily involved in the federal response to the outbreak. It took just minutes for that fact to register among investors.

Read more at CNBC.

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