The Dow once again ended on the low end of a volatile week on March 27, but not before hitting its highest weekly gain since 1938, lining up with President Donald Trump’s announcement to sign into law an important coronavirus rescue package following the closure of the market. The Dow DJIA fell 915 points, 4.1%, at 21,636, the S&P 500 index SPX closed 89 points, 3.4%, at 2,542 and the Nasdaq Composite Index COMP ended down 3.7% at 7,502. Across the entire week, the Dow reported a gain of 12.8%, its best highest weekly gain since 1938. The S&P 500 reported a weekly gain of 10.3%, its highest weekly rise since 2008, while the Nasdaq Composite Index reported a 9.1% weekly gain.
In addition to President Trump’s plans, the Federal Reserve announced an unlimited bond-buying program to further support the financial markets. Trump’s planned signing of the coronavirus relief package was followed by the news that the United States has become the leading country in coronavirus cases. In addition, 3.28 million Americans applied for unemployment benefits that same week due to the outbreak. Upward movement in the Dow were fueled by the resurgance of Boeing, which rose 70.5% for the week, its best weekly gain ever.