Dow Jones, S&P 500 rise over 9% after national emergency declared

The Dow Jones Industrial Average rose 1,985 points, or 9.36%, to 23,185.62, the S&P 500 gained 230.38 points, or 9.29%, to 2,711.02

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 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,