DEVELOPING: Dow enters bear territory Wednesday, plunging by more than 1,600 points. A bear market is marked by a 20 percent decline from a 52-week high.
Wednesday's massive sell-off is a response to the lack of concerted policy action from President Donald Trump's administration, which has been criticized for its mixed messaging about the best ways to address and contain the virus.
"We have the best scientists, doctors, nurses and health care professionals. They are amazing people who do phenomenal things every day....Together we are putting into policy a plan to prevent, detect, treat and create a vaccine against CoronaVirus to save lives in America and the world. America will get it done!" Trump tweeted on Wednesday afternoon.
I am fully prepared to use the full power of the Federal Government to deal with our current challenge of the CoronaVirus!However, corporate America has in large part chosen to follow its own counsel, with companies canceling conferences, tightening contingency plans, and asking employees to work from home. Google, which announced earlier this week it has asked all 100,000 of its U.S.
The White House met with representatives from Google, Apple, Facebook, Amazon, Microsoft and Twitter on Wednesday to coordinate efforts over the growing coronavirus outbreak. A meeting was also scheduled for Wednesday afternoon between White House officials and representatives of the nation’s largest banks to discuss an economic response to the virus.
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