Wall Street is facing a grim question as stock prices plunge on most days with no end in sight: Is it time to shut the market down for a while?
"Maybe close a day or two," Sen. Joe Manchin said on MSNBC on Thursday, raising concerns about so-called short-sellers — those who bet on stocks to fall — taking advantage of the declining market. "It's not an industry that we have to have.
Tech entrepreneur and former PayPal executive Max Levchin has argued that it might be time to close the markets for a week or two. Yet with cases of the virus spreading, the NYSE this week is operating without its signature trading floor and moved to fully electronic trading. Human judgment combined with the latest technology results in reduced volatility and tighter spreads.The possibility of a market closure underscores the grave outlook for the global economy and the almost complete lack of knowledge of how bad things can get.
But even though much of the market can function without traders on a physical trading floor or even in the office, the prospect of the job being done remotely has also raised concerns.
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