Stocks Surge on New Virus Measures; Dow Up 1,985 Points

BRYAN R. SMITH/AFP via Getty Images

Stocks doubled their gains as President Trump announced new measures to fight the coronavirus Friday.

Stocks surged, recouping much of a historic plunge, after President Donald Trump announced new measures to fight the coronavirus Friday.

The Dow Jones Industrial Average jumped 1,985 points, or 9.4 percent — its best gain since October 2008.

Stocks doubled their gains in the last half-hour as Trump made his remarks.

The rally came at the end of a week of turbulent trading fueled by heightened fears that the fallout from the coronavirus could bring on a global recession. Thursday's drop was the worst since the Black Monday crash of 1987.

Investors have been clamoring for strong action from the U.S. government to combat the economic impact.