UPDATED with closing numbers: The stock market had one of its best days Friday after one of its worst the day before, with the Dow Jones Industrial Average up by almost 2,000 points, or 9.36%.
Investors have been killing stocks as the coronavirus pandemic threatens global growth and the health of U.S. companies with, until today, little sense of direction from the U.S. government. They appeared to like a $50 billion emergency relief plan unveiled by President Donald Trump during a press conference Friday afternoon in which he declared a national emergency.
The Nasdaq also rose more than 9% as did the S&P 500, which had its best day in 12 years.
Media stocks followed the broader market higher, capping an extraordinary week of the industry rolling out cancellations and shifting business plans across the industry to prevent the spread of the virus.
In many cases, showbiz stocks outperformed the broader market: Disney was up over 11% and Comcast up 12.5%. Both companies Thursday announced closures of their theme parks in California and Florida. Two of the hardest-hit stocks in the market’s recent plunge, AMC Entertainment and Live Nation, were up 10% and 18%, respectively. Netflix gained 6.8%.
ViacomCBS rose 3%. Imax was up 2.5%. Apple, Facebook and Snap were up about 11%, 10%, and 9%, respectively. Twitter jumped 10%. Amazon was up 6.4%.
In coming weeks, companies – which have mostly pulled financial guidance – and analysts who cover them, will try to quantify the financial and operational hit from COVID-19, including closed theme parks, delayed film releases, halted television production and canceled sports and live events. Key advertiser presentations, festivals and conferences will go virtual or have been postponed or shuttered.
The package Trump announced today is designed to help small businesses and furloughed workers and provides funding for free coronavirus testing and care.