The Dow Just Dropped Nearly 3,000 Points In Worst Point Loss Ever
The Dow Jones Industrial Average fell nearly 3,000 points by the end of trading Monday as part of the stock market’s 12.9% drop over fears of continuing economic stoppage due to the coronavirus outbreak which has covered the planet.
“Who needs Disneyland when the stock market is currently the wildest ride on the planet,” tweeted Media Matters researcher Nikki McCann Ramirez.
Monday’s drop followed an attempt by the Federal Reserve to stabilize markets with an interest rate cut.
“The market will take care of itself,” President Donald Trump said at a White House press conference Monday afternoon as the bell rang in New York.
At the beginning of trading Monday stocks fell so fast that they tripped the “circuit breaker,” which suspends trading for 15 minutes to give markets a chance to recover from losses of 7%. The circuit breaker kicks on again at 13%.
The economic slowdown spurred by the coronavirus outbreak has already done major damage to the economies of China, South Korea, Japan, and the European Union. Investors fear the U.S. is next and told CNBC they were unlikely to jump back into the market until the disease had passed its peak.
Every time Trump talks, the market drops. https://t.co/nSAGX13GLV
— Robert Reich (@RBReich) March 16, 2020
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