Stocks Surged over 9% as Trump Declared Coronavirus Emergency

U.S. stocks finished with gains of more than 9% on Friday, as President Donald Trump officially declared a national emergency over the coronavirus outbreak. The Dow Jones Industrial Average rose 1,985.00 points, or 9.36%, to 23,185.62. The S&P 500 was up 230.31 points, or 9.28%, to 2,710.95. The Nasdaq Composite advanced 672.43 points, or 9.34%, to 7,874.23.

Oil prices edged higher on Friday, but a Saudi-Russian price war and the global spread of the COVID-19 pandemic still meant prices posted the sharpest weekly drop since 2008. West Texas Intermediate crude for April delivery rose 23 cents, or 0.7%, to settle at $31.73 a barrel, while May Brent crude added 63 cents, or 1.9%, at $33.85 a barrel on ICE Futures Europe. For the week, WTI fell 23%, while Brent lost 25%.