Photo: Bryan R. Smith/AFP via Getty Images

Stocks closed up more than 9% on Friday, following the stock market's worst day in 30 years.

Why it matters: Stocks jumped during Trump's coronavirus press conference, ending Wall Street's wild week with its best single-day performance since the financial crisis.

By the numbers: The S&P 500, Nasdaq Composite and the Dow all rose about 9.3%, adding to earlier gains after Trump declared a national emergency.

  • The S&P shed 8% this week. The index, which fell into a bear market in a record 16 trading sessions, is 20.1% from its all-time high.

The bottom line: Investors increasingly expect a recession, and warn the eye-popping volatility that we saw this week could continue as news develops around the coronavirus outbreak.

Go deeper

Updated 37 mins ago - Politics & Policy

Republicans condemn Trump's refusal to commit to peaceful transfer of power

Photo: Joshua Roberts/Getty Images

A number of prominent Republican lawmakers addressed President Trump's refusal on Wednesday to commit to a peaceful transfer of power if he loses November's presidential election.

Driving the news: Senate Majority Leader Mitch McConnell tweeted, "The winner of the November 3rd election will be inaugurated on January 20th. There will be an orderly transition just as there has been every four years since 1792."

1 hour ago - Technology

Pandemic spurs journalists to go it alone via email

Illustration: Aïda Amer/Axios

A slew of high-profile journalists have recently announced they are leaving newsrooms to launch their own, independent brands, mostly via email newsletters.

Context: Many of those writers, working with new technology companies like Substack, TinyLetter, Lede or Ghost, have made the transition amid the pandemic.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 31,926,175 — Total deaths: 977,357 — Total recoveries: 22,004,598Map.
  2. U.S.: Total confirmed cases as of 9 a.m ET: 6,935,556 — Total deaths: 201,920 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: The coronavirus is surging again — Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Sports: Here's what college basketball will look like this season.

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