Dow Rebounds From Biggest Drop Since 1987
The stock market was expected to rebound Friday after cratering on fears over the coronavirus pandemic.
Richard Drew / AP
Updated at 11:15 a.m. ET
Could this be a happy Friday the 13th on Wall Street?
The Dow Jones Industrial Average opened up more than 1,200 points, or nearly 6%, but retreated from its highs as the day went on. The blue chip index was up about 700 points, or 3.3%. The S&P 500 index was also up 3.3%.
The rebound comes just one day after the blue chip stock index posted its biggest drop since the Black Monday crash of 1987.
European stock indexes were also higher Friday.
Investors are hopeful as Congress appears to be getting closer to passing a measure to help cushion the blow of the coronavirus pandemic, which has jammed up or shut down many parts of the U.S. economy. The European Commission announced several economic measures as well.
And the Federal Reserve and the European Central Bank are taking aggressive steps to help banks and other businesses.
On Thursday, the Dow fell 2,352 points, or about 10% — its biggest one-day drop since the Black Monday crash of October 1987.
Major stock indexes are down at least 24% from their recent record highs. The Dow has fallen nearly 7,700 points since Feb. 12. That signaled a stunning end to the 11-year bull market.
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