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Stocks surge as Trump declares national emergency amid pandemic

Every aspect of modern life is being hit as sweeping measures are rolled out in an effort to stem the coronavirus pandemic. On Friday, President Trump declared a national emergency “to unleash the full power of the federal government.”

“No resource will be spared, nothing whatsoever,” the president said, as stocks rose sharply to regain some of their recent losses.

The administration has established a new partnership with private industry to expand testing capabilities, even as it has faced criticism over testing failures. Mr. Trump said the administration is trying to work with pharmacies and private entities to establish drive-thru testing sites, something the head of the Centers for Disease Control said days earlier wasn’t necessary.

Amid the outbreak and the mounting response, Disney World is closing. Broadway is shutting its doors. Schools are closing and large gatherings are being banned. The Boston Marathon and the Masters Tournament are now postponed. The NBA, NHL and Major League Soccer are suspending their seasons.  

While more than half of the roughly 137,000 people who’ve caught the virus worldwide have already recovered, the toll in human lives is staggering. More than 4,700 people have died, including at least 50 people in the United States — and it’s expected to get much worse before it gets better. 

New York Gov. Cuomo Opens Coronavirus Testing Area In New Rochelle Park
Workers in protective gear operate a drive-through COVID-19 mobile testing center on March 13, 2020 in New Rochelle, New York.

Photo by Spencer Platt/Getty Images

Fueling the fear in financial markets and cities around the world is the fact that four months after it first started making headlines, the COVID-19 disease retains an aura of mystery. With vastly different figures in various countries, it still isn’t clear how deadly the disease is, how easily it spreads, or how many undetected cases may be lurking.

For detailed information on coronavirus prevention and treatment, visit the Centers for Disease Control and Prevention website here

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