President Trump’s declaration of a national emergency provided some much-needed relief to Apple’s stock price just before the market closed this afternoon.
Apple shares jumped up over $20 in value during the last 30 minutes of trading today, just after President Trump announced that the U.S. government will free up $50 billion in federal resources to combat the COVID-19 outbreak.
The spike in stock prices comes a day after the company saw its share values drop by $27.20, which was nearly 10% of their value the day before. Today’s rally makes up a lot of lost ground. Shares in the iPhone-maker had fallen $76.64 since February 13.
“This will pass, this will pass through, and we will be even stronger for it,” Trump said today during his national emergency address.
Investors across the board recouped a lot of their losses from Thursday’s bloodbath that saw the stock market experience its biggest drop since 1987. The Dow Jone Industrial jumped up nearly 2000 points today, gaining more than 9%. The S&P 500 index also rose more than 9%, closing at 2,711.
Apple revealed today that it’s annual Worldwide Developers Conference would be held entirely online this year due to COVID-19 concerns. The company has also suspended Today at Apple sessions at all of its stores in the US and Canada to help prevent the spread of the coronavirus outbreak.