Correction: Stocks closed in negative territory, reaching a new coronavirus crisis low as investors worried about the economic damage from the pandemic: •The Dow dropped 6.3% •The S&P 500 was down 5.2% •The Nasdaq slid 4.7%
" on Wednesday. "America will end as we know it. I'm sorry to say so, unless we take this option."
Details of a potential fiscal stimulus package were not enough to curb the selling pressures in the market. Wall Street has been on an unprecedented roller-coaster ride amid the coronavirus turmoil, with the S&P 500 swinging 4% or more in either direction for a record eight consecutive sessions. This tops the previous record of six days from November 1929, according to LPL Financial.
The 10-year Treasury yield jumped to 1.21% Wednesday after trading around 0.77% midday Tuesday before details of the potential stimulus emerged. It began the week at around 0.65%. It wasn't the outright rate level that caused uneasiness among traders, but the rapid nature of the move overnight.
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