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* Technology, financial stocks move higher
* Apple among biggest boosts to S&P 500, Dow
* Dow up 9.36%, S&P 500 up 9.29%, Nasdaq up 9.35%
(Updates to close)
By Chuck Mikolajczak
March 13 (Reuters) - Wall Street staged a furious rally in
the waning moments of the session on Friday after U.S. President
Donald Trump declared a national emergency to combat the rapidly
spreading coronavirus, although major averages still suffered
sharp losses for the week.
In a volatile session, all three main indexes jumped more
than 6% in early trading before paring to a gain of as little as
0.55% on the S&P 500 .SPX before rallying towards the close as
Trump made the announcement with industry leaders of about $50
billion in federal aid to fight the disease. "The initial take, he started talking about $50 billion, the
market asked 'where is that going?'" said Peter Jankovskis,
co-chief investment officer at OakBrook Investments LLC in
Lisle, Illinois.
"But as he's been bringing these various leaders to the
front and they have been talking about what they are doing, that
is really what the market is responding to."
The indexes were still about 20% below record highs hit in
mid-February, and each saw declines of at least 8% for the week.
Since hitting the highs, markets have been besieged with big
swings in the market, nearly matching as many days with declines
of at least 1% as all of 2019. Friday's surge was the biggest
one-day percentage gain for the S&P 500 since Oct 28, 2008.
The Democratic-led U.S. House of Representatives will pass a
coronavirus economic aid package on Friday, House Speaker Nancy
Pelosi said, but it was unclear whether Trump and his fellow
Republicans would support it. The Dow Jones Industrial Average .DJI rose 1,985 points,
or 9.36%, to 23,185.62, the S&P 500 .SPX gained 230.38 points,
or 9.29%, to 2,711.02 and the Nasdaq Composite .IXIC added
673.07 points, or 9.35%, to 7,874.88.
All the main S&P 500 sub-indexes were trading higher, with
financial stocks .SPSY rising 13.23% as expectations of
further liquidity measures by the Federal Reserve pushed up
Treasury yields, in what has become a very thin market.
Oil also looked set to end the week with a silver lining, as
both Brent LCOcv1 and WTI crude CLcv1 settled higher after a
near-collapse in prices on Monday due to a price war between
Saudi Arabia and Russia. The S&P 500 energy index .SPNY added
8.84%. Travel stocks, hammered in the rout, were trading higher,
with the S&P 1500 airlines index .SPCOMAIR up 11.58%
Hotel operators Marriott International Inc MAR.O , Hilton
Worldwide Holdings HLT.N and Hyatt Hotels Corp H.N all
gained at least 1%.
Boeing Co BA.N jumped 9.92% but suffered its biggest
weekly drop in its history on rising concerns about the
company's growing cash burn.
Apple Inc AAPL.O rose 11.98% and was among the top boosts
to the benchmark S&P 500 and the blue-chip Dow, as the iPhone
maker said it would reopen all 42 of its branded stores in
China. Advancing issues outnumbered declining ones on the NYSE by a
4.73-to-1 ratio; on Nasdaq, a 2.95-to-1 ratio favored advancers.
The S&P 500 posted 1 new 52-week highs and 120 new lows; the
Nasdaq Composite recorded 2 new highs and 703 new lows.
Volume on U.S. exchanges was 17.10 billion shares, compared
to the 13.02 billion average for the full session over the last
20 trading days.
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Volatility is back on Wall Street png https://tmsnrt.rs/39JliL5
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