CHICAGO (WBBM NEWSRADIO) -- Stocks closed sharply higher Friday, regaining most of the losses suffered from the previous session, as comments from President Trump and US business leaders appear to have put Wall Street at ease.
The S&P 500 gained 230, the NASDAQ added 673 and the Dow Jones industrial average surged 1,985 points, settling to 23,185.
Friday's market move was the biggest rally posted by stocks since 2008.
"If you compare it to other big sell-offs, like the crash in October 1987, the large decline is followed by a very sharp rebound that lasts for a period of time, and then the reasons for the original sell-off kind of come back to haunt the market again," Jim Welsh, Macro Strategist and Portfolio Manager at Smart Portfolios, said Friday night. "The negative news that we are surely going to get, regarding the increase in infections and the impact of the slowdown on the overall economy, is likely to cause additional selling."
He also notes that the recent telecommuting trend caused by the coronavirus, will likely outlive the panic.