After multiple sessions of panic selling, the markets caught an up-draft after US President Trump declared a national emergency over the coronavirus, thus freeing up $50 billion in federal aid to help contain the rapid spread of the pandemic.

As stocks accelerated gains in the final hours of trading, posting the biggest one-day lift since the financial crisis, USA Today reported traders and analysts saying that Trump’s remarks removed some of the uncertainty hanging over financial markets.

“The change in tone shows that the Trump administration is taking this more seriously now,” said a senior portfolio manager at Atlanta-based GLOBALT Investments. “This still isn’t over by any stretch, but it’s a better sign.”

Too right. Even with Friday’s rally, the S&P was down 8.8% for the week and all the gains US stocks accrued in 2019 have been wiped out. All three indices are now in a bear market, defined as a drop of at least 20% from all-time highs…CLICK for complete article