Washington, March 14 (AFP/APP): With the economy reeling, US President Donald Trump on Friday declared a national emergency to stem the damage from the coronavirus, unlocking $50 billion in federal spending while also unveiling plans to stockpile oil and waive interest payments on student loans. Hours later, House Democratic leader Nancy Pelosi announced she reached an agreement with the White House on stimulus legislation to help people impacted by the outbreak, something economists say is critical to prevent an economic downturn. Trump’s speech cheered Wall Street and sent the Dow up 9.3 per cent, much needed good news after a week that saw the index suffer its worst day of trading since 1987 and the Federal Reserve inject $1.5 trillion into money markets to keep the financial system running. “The action I am taking will open up access to up to $50 billion… for states and territories and localities in our shared fight against this disease,” Trump said. With oil prices hammered by the outbreak, Trump said the US will also “purchase at a very good price large quantities of crude oil” for storage in the Strategic Petroleum Reserve (SPR) emergency stockpile, a move that could help US producers. “We’re … Continue reading US to spend $50 billion, buy oil amid virus economic pain