US has great chance for big bounce, says Trump as markets witness best week since 1974

President Donald Trump is confident that the US has a "great chance for the really big bounce when the invisible enemy" of COVID-19 is gone.

President Trump in a Tweet said: "This week, in only 4 days, we had the biggest Stock Market increase since 1974. We have a great chance for the really big bounce when the Invisible Enemy is gone!"

His remarks come after the S and P 500 index posted a jump of 1.5 per cent to close at 2,789.82 and Dow Jones Industrial Average also increased by 1.2 per cent to close 23,719.37 in a holiday-shortened trading week due to Good Friday, reported CNN.

The S&P 500 index rallied 12.1 per cent which is the biggest one-week gain since 1974 when the index gained 14 per cent in the week.

Meanwhile, NASDAQ had its best week since 2009 seeing a jump of 10.6 per cent.

This jump in the market could be on the back of several federal programmes that have been unveiled by the Trump Administration to help the economy and issuing paycheques.

However, health experts have stressed the need to continue to practice social distancing in an attempt to contain the virus. These restrictions have engulfed the economy leading to manufacturing cuts, massive layoffs, and projections of a severe recession.

The US currently has reported 466,299 confirmed cases of coronavirus and 16,686 deaths as per the data released by the Johns Hopkins University.

( With inputs from ANI )