Trump signs chart showing stock market rally after he declared national emergency over coronavirus
President TrumpDonald John TrumpTrump faces toughest crisis of presidency in coronavirus House passes bill to help prop up economy from coronavirus White House physician: Trump doesn’t require test after exposure to 2 people with coronavirus MORE sent an autographed chart to supporters showing the Dow Jones Industrial Average dramatically rising after he declared a national emergency over the COVID-19 virus.
The Dow Jones Industrial Average closed Friday with a gain of 1,985 points, rising 9.4 percent after it suffered its steepest one-day decline since the 1987 crash on Thursday. The S&P 500 closed with a gain of 9.2 percent, while the Nasdaq composite rose 9.3 percent on the day.
“The President would like to share the attached image with you, and passes along the following message: ‘From opening of press conference, biggest day in stock market history!'” read the note, which was obtained by CNN.
The note comes as the Trump administration faces criticism over its response to the coronavirus crisis and the subsequent economic impact of the outbreak.
As of Saturday morning, 2,496 people in the U.S. have been diagnosed with COVID-19 and 51 have died, though testing kits have not yet become widely available, leading some experts to estimate that the number of cases is much higher.
As a result of the outbreak, the administration has imposed travel bans and airlines have seen a reduction in flight numbers as dozens of events and conferences around the world are canceled or postponed. The decline in economic activity caused the stock market to dip to historically low levels in previous weeks.
The resulting decline in consumer spending is also likely to cost vulnerable service and gig workers crucial income and deprive small businesses and the broader economy of essential fuel to support the job market and steady growth.