The Dow endured its worst drop since 1987’s Black Monday crash as financial stimulus details remain unclear
Trading was halted for 15 minutes on Thursday morning after the S&P dropped 7% in the first hour of trading, triggering a built-in “circuit breaker” mechanism at the New York Stock Exchange.
Stocks rebounded briefly after the Federal Reserve announced a new liquidity injection for banks at midday, but the respite didn’t last and the selloff accelerated into the afternoon. ongoing price war between Russia and Saudi Arabia, gold lost 4.2%, the Euro and the British Pound fell slightly, and not even bitcoin was immune .
This week, investors pinned their hopes on a new fiscal stimulus plan announced by President Trump, which he said would include tax relief, a , and a $50 billion bump in loans to small businesses in areas affected by the outbreak, but by Thursday afternoon no concrete details had emerged. The fallout from the rapidly-spreading coronavirus continues to escalate. Italy has enacted a nationwide lockdown of its 60 million people under which all businesses except pharmacies and grocery stores are closed—it’s the most extreme measure of any affected country.
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