The Dow saw its third-best gain ever today after President Trump’s proposals for economic boosts related to the coronavirus crisis.
The Dow Jones Industrial Average added over 1,167 points rebounding from the big loss on Monday. The S&P 500 and Nasdaq Composite also rallied back about 5 percent.
The drop in the market was the biggest drop since 2008, but with President Trump’s leadership, the Dow is gaining.
Yesterday, President Trump announced several incentives to help the economy during the coronavirus crisis:
President Trump held a press conference yesterday to say he will ask Congress to approve a payroll tax cut and relief for hourly workers to try and help stop the economic fallout from the coronavirus.
The president told reporters at the White House:
“This was something that we were thrown into, and we’re going to handle it, and we have been handling it.”
President Trump is handling the seriousness of the coronavirus outbreak and knows he needs to stimulate the economy to avoid a recession. He’s firing on all cylinders to multitask on the economy and the health of all Americans.
He also said that he would be asking the Small Business Administration (SBA) to issue loans to small businesses.
The travel industry will also be working hand in hand with the Trump administration as airlines, hotels, and cruise lines have been impacted by the spread of the coronavirus.
Vice President Pence also spoke about support for hourly workers:
“The president has tasked the team with developing economic policies that will make it very, very clear we will stand by those hard-working Americans… and make it possible for us… to put the health of America first.”
VP Pence also had good news on testing for the coronavirus:
“Testing is now available in all state labs in every state in the country. Over a million tests have been distributed. Before the end of this week, another 4 million tests will be distributed. … That’s all a direct result of @realDonaldTrump’s leadership.” – @Mike_Pence pic.twitter.com/NRipnc4EoV
— Ronna McDaniel (@GOPChairwoman) March 10, 2020