Given the panic-induced reporting from the mainstream media on the coronavirus pandemic, people have been understandably concerned for their families, businesses and the economy writ large.
However, despite all the bad news and concerns over the financial sector, stocks shot up on Thursday capping off a huge week of gains (the market is closed today for Good Friday).
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The Dow Jones climbed 1.2%, which ranks among its biggest weeks in history.
The Nasdaq jumped .8%, its biggest week since 2009 and the S&P jumped a whopping 1.5%, its biggest one-week gain since 1974.
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The surge came after the Federal Reserve outlined programs to support the economy during the current phase of shutdowns and quarantines.
President Trump was quick to celebrate the success on Twitter saying “This week, in only 4 days, we had the biggest Stock Market increase since 1974. We have a great chance for the really big bounce when the Invisible Enemy is gone!”
This week, in only 4 days, we had the biggest Stock Market increase since 1974. We have a great chance for the really big bounce when the Invisible Enemy is gone!
— Donald J. Trump (@realDonaldTrump) April 10, 2020
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