After posting the worst single day since 1987, the stock market bounced back with the best single day since 2008. Stocks ended the week with a furious and aggressive move higher into the close Friday with the DOW gaining 1,985 points or +9.3%. The S&P 500 and NASDAQ also surged +9.3% for the day.
However, that move higher did little to erase the weekly losses with the DOW closing down -10.3%, S&P 500 -8.7%, and the NASDAQ losing just over -8%. Why the extreme move in the final 30 minutes of trading? President Trump's news conference.
Speaking from the Rose Garden, Trump said, "To unleash the full power of the federal government, I am officially declaring a national emergency." Referring to that as "two very big words," he said it would allow him to quickly get $50 billion to states, territories and localities "in our shared fight against this disease."
With Dr. Anthony Fauci, Vice President Mike Pence, Health and Human Services Secretary Alex Azar and other members of his coronavirus task force members standing behind him, Trump said, "No resource will be spared - nothing whatsoever."
"Emergency orders I'm issuing today will also confer broad new authority to the Secretary of Health and Human Services. The Secretary of HHS will be able to immediately wave revisions of applicable laws and regulations to give doctors, hospital -- all hospitals -- and health care providers maximum flexibility to respond to the virus and care for patients," the president continued."
"This includes the following critical authorities: the ability to waive laws to enable tele-health, a fairly new, and incredible thing," he said."It gives remote doctor's visits and hospital check ins. The power to waive certain federal license requirements so the doctors from other states can provide services in states with the greatest need."
"They can do what they have to do. They know what they have to do. Now they don't have any problem getting it done," Trump said. "Today we're announcing a new partnership with private sector to vastly increase and accelerate our capacity to test for the coronavirus. We want to make sure that those who need a test can get it as very safely quickly."
He added, "We've been in discussions with pharmacies and retailers to make drive-through tests available in critical locations identified by public health professionals. The goal is for individuals to be able to drive up and be swabbed without having to leave your car."
"Again, we don't want everyone taking this test. It's totally unnecessary," the president said.
Trump then invited Fauci, the widely-respected director of the National Institute of Allergy and Infectious Diseases, to speak. He called Trump's actions an example of what he called a "forward-leaning" approach to the crisis. "We still have a long way to go. There will be many more cases," he warned. "But what's going on here today is going to help it to end sooner than it would have."
"Not only are we bringing a whole of government approach to confronting the coronavirus, we're bringing an all-of-America approach," Pence said, speaking after Fauci.
"It's especially important now that we look after senior citizens with chronic underlying health conditions," he said, reminding that they "helped us with our homework" and "tucked us in at night. And now it's time for us to be there for them."
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,393.52
- Dow (INDEX:DJI): 29,409.09
- NASDAQ (NASDAQ:COMP): 9,838.37
- U.S. Dollar (ICE:DX): 99.91
- Gold (NYMEX:GC.J20): 1,635.60
- Crude Oil (NYMEX:CL.H20): 47.57
- Bitcoin (BITCOIN:BITSTAMPUSD): 10,300.00
President Trump's comments were pulled from an ABC News article