“I want to just be very clear: we intend to keep the markets open,” Treasury Sec. Mnuchin says, but adds that trading hours could be shortened at some point.
The comments came amid a pledge to do whatever it takes in terms of financing or regulations to keep the U.S. economy operating. Markets soared on the comments, with the Dow industrials briefly"Everybody wants to keep it open," Mnuchin said at a news conference, responding to a question about stock market opeations. "We may get to a point where we shorten the hours if that's something they need to do.
Wall Street has seen whirlwind trading that has taken major averages like the Dow Jones Industrial Average and S&P 500 into bear market territory at the fastest pace in history. A bear market is defined as 20% lower from 52-week highs, and the current one has been measured from a historic peak stocks hit back in February.
Mnuchin's remarks came along with a vow to provide whatever help the economy needs. Particular focus has been on aid to small businesses impacted by the coronavirus crisis. The administration and congressional leaders have been locked in negotiations that are expected to bear fruit soon for a stimulus bill., Mnuchin said. Also involved could be tax deferments for companies and individual tax filers.
Earlier in the morning, the Federal Reserve announced a facility that will help loosen up the market for to fund their operations. Known as commercial paper, the market has been gummed up lately, but Mnuchin said the new program could provide eligible businesses up to $1 trillion in 90-day unsecured credit.for exclusive insights and analysis, and live business day programming from around the world.
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