Stock market soars nearly 2,000 points, U.S. equities more than 9 percent after emergency declaration

By Bethany Blankley | The Center Square

(Worthy News) – At the close of business Friday, the Dow Jones Industrial Average was up 1,985 points to 23,186, nearly recouping Thursday’s more than 2,300-point loss. The S&P 500 gained 228 to 2,709 and the Nasdaq Composite was up by 672 points to 7,874.

All three indexes finished the day up more than 9 percent.

Leading up to President Donald Trump declaring a national emergency and opening up $40 billion in emergency aid, more than 6 billion shares changed hands on the New York Stock Exchange.

Earlier in the day, Trump again pressured the Federal Reserve to cut interest rates further.

“The Federal Reserve must FINALLY lower the Fed Rate to something comparable to their competitor Central Banks,” Trump tweeted Friday morning. “Jay Powell and group are putting us at a decided economic & physiological disadvantage. Should never have been this way. Also, STIMULATE!”

The president has called on the Fed to bring the interest rate percentage to zero, arguing it “should be a leader, not a very late follower.”

On Thursday, the Federal Reserve Bank of New York announced it will add $1.5 trillion to the national debt by purchasing financial assets to pump cash into the bond market.

It increased the scale of its repurchase agreements, buying Treasury bonds and other securities from banks and traders, to later sell back with interest soon after.

It offered $500 billion in repurchase operations on Thursday followed by $1 trillion Friday “to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak.”

The Federal Open Markets Committee meets next week to consider cutting the federal funds rate.

Lift this up in Prayer

15

people are currently praying.

Latest Worthy News

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Books by George Whitten

Identity in Messiah Revealed https://identityinmessiah.com

Identity in Messiah is a 60-day devotional journey designed to help you exchange the world’s labels for Heaven’s declaration. Each devotional combines rich Biblical teaching, Hebraic insights, practical application, and carefully selected Scripture passages to lead you into a deeper understanding of your position in Messiah.

Get it on Amazon

The Biblical Fall Feasts https://biblicalfallfeasts.com

In The Biblical Fall Feasts Revealed, George Whitten leads readers on a stirring devotional journey along the Hebrew month of Elul, the Feast of Trumpets (Yom Teruah), the Days of Awe (Yamim Nora'im), the Day of Atonement (Yom Kippur), the Feast of Tabernacles (Sukkot), and the Eighth Day (Shemini Atzeret). With Scripture as the foundation, each chapter uncovers the prophetic beauty threaded into God’s calendar and shows how these sacred seasons still speak with urgency and hope today.

Get it on Amazon