New York Stocks across the globe bounced back on Friday but hopes of more central bank stimulus and government spending went only so far and indexes were set to post large weekly drops after days of pandemic-related panic-selling across markets.
Volatility is seen remaining high, with sharp moves expected in both directions and across asset classes. The S&P 500 rose as much as 6.1% intraday on Friday and was last up 3.2%.
Stocks reacted to reports that U.S. President Donald Trump will declare a national emergency over the fast-spreading coronavirus, opening the door to more federal aid. Two weeks ago he had called the now-pandemic a "hoax" meant to damage his presidency.
Wall Street led stocks higher to close the week, on bets that coordinated monetary and fiscal stimulus in response to the coronavirus pandemic could help soften the expected blow to the global economy.
The Dow Jones Industrial Average rose 745.37 points, or 3.52%, to 21,945.99, the S&P 500 gained 80.05 points, or 3.23%, to 2,560.69 and the Nasdaq Composite added 210.99 points, or 2.93%, to 7,412.79.
On Thursday, the Dow dropped 10%. The indexes were still more than 25% below their record highs hit mid-February.
The pan-European STOXX 600 index rose 1.43% and MSCI's gauge of stocks across the globe gained 1.72% after falling by the largest percentage on record on Thursday.
Earlier, Japan's Nikkei fell 10% before paring losses to close 6% lower. Australia's S&P/ASX200 had its wildest trading day on record, falling past 8% before surging in the last minutes of trade to settle 4.4% higher at the close.
Nikkei futures rose 3.53%.
Source: Saudi Press Agency