Dow surges nearly 2,000 points after Trump declares coronavirus national emergency

The Dow surged 1,985 points on Friday — its biggest single-day gain ever — as President Trump declared a national emergency to fight the coronavirus.

The record rally — which came a day after the blue-chip index suffered its worst drop in more than three decades — came late in the afternoon after Trump unveiled a $50 billion war chest to fight the deadly bug.

The Dow Jones industrial average rose 1,985 points, or 9.4 percent, to close at 23,185.62 — almost enough to erase Thursday’s heart-stopping drop of 10 percent, or 2,352.6 points.

The S&P 500 and Nasdaq, which likewise have been battered into bear territory this week as fears about the epidemic’s spread continued to escalate, both jumped 9.3 percent.

Bill Gates steps down from Microsoft, Berkshire Hathaway boards

Bill Gates orders $640 million hydrogen powered yacht

Bill Gates has ordered the first hydrogen powered super-yacht to support clean energy technology and speculation that Google could potentially buy Tesla. FOX Business’ Lauren Simonetti with more.

(Reuters) – Microsoft Corp co-founder Bill Gates has stepped down from the company’s board to dedicate more time to his philanthropic priorities including global health, education and tackling climate change, the company said on Friday.

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GATES, OTHER CHARITIES PLEDGE $125M TOWARDS CORONAVIRUS TREATMENTS

Gates also stepped down from the board of Warren Buffett’s Berkshire Hathaway Inc, where he has served since 2004.

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Bill Gates steps down from Microsoft board

Microsoft Corp co-founder Bill Gates, who made the company one of the world’s most valuable technology firms, stepped down from the board on Friday to focus on philanthropic works related to global health, education and climate change.

The billionaire and his wife, Melinda, run one of the world’s largest charities, the Gates Foundation, which has billions in assets and funds global health programs to combat disease and poverty.

Gates quit his full-time executive role at Microsoft in 2008 and remained as chairman of the board till 2014. Since then, he has been a board member.

“It’s been a tremendous honor and privilege to have worked with and learned from Bill over the years,” Chief Executive Officer Satya Nadella said.

With the departure of Gates from Microsoft Board, it will now consist of 12 members, the company said.

Gates also stepped down from the board of Warren Buffett’s Berkshire Hathaway Inc, where he has served since 2004.

European Economics Preview: Germany Industrial Output, Trade Data Due

Industrial production and foreign trade figures from Germany are due on Monday, headlining a light day for the European economic news.

At 2.45 am ET, the State Secretariat for Economic Affairs is scheduled to issue Swiss jobless rate for February. The jobless rate is seen unchanged at seasonally adjusted 2.3 percent in February.

At 3.00 am ET, Destatis is set to release Germany’s industrial production and foreign trade figures. Industrial production is expected to grow 1.7 percent on month in January, reversing a 3.5 percent drop in December.

Economists forecast Germany’s exports and imports to drop 0.2 percent each in January.

In the meantime, foreign trade data is due from Finland.

At 4.00 am ET, the Czech Statistical Office publishes foreign trade data for January.

At 5.30 am ET, Eurozone Sentix investor confidence survey results are due. Economists expect the investor sentiment index to fall to -12.2 in March from 5.2 in February.

SAG-AFTRA Implements Work-At-Home Protocol For Some Staffers Nationwide

SAG-AFTRA is implementing a remote work protocol for certain components of its staff. Starting Monday, many employees will be working from home to minimize the possibility of exposure to the coronavirus.

“Our focus is on protecting our staff and members, and continuing operations and member services with minimal disruption,” the union said today. “For anyone working in the office, we will continue with aggressive implementation of safety measures, including best practices in sanitation steps and social distancing of employees wherever possible. We will continue to monitor this unfolding situation and will update this statement as necessary.”

The union said it is not providing details on numbers of employees or the departments, “which may shift depending on changing circumstances,” and had no further comment at this time.

Earlier this week, the union said it is canceling, postponing or re-configuring national and local in-person meetings and will not reschedule any new national group meetings in the immediate future to help reduce the possibility of potential exposure or transmission of the coronavirus through travel and attendance at face-to-face meetings.

Egypt reports 13 new cases of coronavirus, bringing total to 93

CAIRO (Reuters) – Egypt reported on Friday 13 new cases of coronavirus, bringing the total of cases detected in the country to 93, the health ministry said in a statement.

Egypt had previously recorded two deaths because of coronavirus, one of a German tourist and another of a 60-year-old woman, the ministry said.

The new cases reported include five Egyptians and eight foreigners, the ministry added.

Horgan to discuss call with Trudeau, premiers about coronavirus response

Premier John Horgan will be available to media on Friday afternoon following a phone call with Prime Minister Justin Trudeau, fellow premiers, and Indigenous leaders.

Trudeau said Friday that the federal government is preparing a significant fiscal stimulus package in the coming days to help Canadians and businesses hit hardest by the novel coronavirus outbreak.

Trudeau addressed the nation from outside Rideau Cottage where he is in self-isolation after his wife, Sophie Grégoire-Trudeau, tested positive for the illness.