•   
  •   

Tech & Science Dow plunges nearly 3,000 points as Trump says virus could drag on

01:55  17 march  2020
01:55  17 march  2020 Source:   cnbc.com

test by US President Trump for a new type of corona virus

 test by US President Trump for a new type of corona virus © JIM WATSON US President Donald Trump had a test done for the new type of corona virus. Trump announced this in Washington on Saturday. "I took the test last night," he said. Trump previously had contact with some infected people. US President Donald Trump had a test carried out for the novel corona virus. Trump announced this in Washington on Saturday. "I took the test last night," he said.

Investing.com – The Dow suffered its biggest one-day points plunge ever on Monday and the second-biggest percentage drop as a wave of late selling hit Wall Apple and two suppliers were found to have agreed not to compete on prices and distribution. Stocks - Dow Plunges 3 , 000 Points , Trump Says

The Dow Jones Industrial Average plunged nearly 3 , 000 points Monday with selling pressure accelerating into the close as Trump gave the nation an update on the coronavirus. “The President’s press conference where he said this virus could cause disruption into August was longer than many


Stocks fell sharply Monday, suffering their worst day since the Black Monday market crash in 1987, even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak.

The Dow Jones Industrial Average closed 2,997 points lower, or 12.9%.

The 30-stock Dow was briefly down more than 3,000 points in the final minutes of trading. The S&P 500 dropped 12%, hitting its lowest level since December 2018, while the Nasdaq closed 12.3% lower in its worst day ever.

Wall Street dives into bear market at open

  Wall Street dives into bear market at open US shares have slumped at the open, with trading temporarily put on hold after the S&P 500 slipped 7.0 per cent within minutes.Trading on Wall Street was halted minutes after the opening bell as the S&P 500 slid 7.0 per cent and triggered a 15-minute time-out.

Trump said the coronavirus could last longer than expected, and that the U.S. could face a force this afternoon, President Trump said the worst of the coronavirus outbreak could last until August. with the Dow Jones Industrial Average down more than 13%, over 3 , 000 points , the S&P 500 down

President Trump says he has been tested for the virus , and he addressed conflicts with the Fed in a Saturday news conference with the Vice President and other officials. The Dow Jones Industrial Average dropped nearly 3 , 000 points Monday—its steepest decline of the monthlong

The major averages fell to their lows after President Donald Trump said the worst of the outbreak could last until August. He also told reporters the U.S. “may be” heading into a recession.

“The markets are getting no break with yesterday’s historic Fed actions and COVID-19 dominating the world’s headlines,” Frank Cappelleri, the executive director at Instinet, said in a note.

“While the news continues to worsen and with the price action doing things we’ve only seen a handful of other times in the last century, it’s nearly impossible to keep things in perspective.”

“We can’t argue the facts, and we’re dealing with a much bigger issue than just the economy,” Cappelleri said.

Monday’s losses put the Dow down 31.7% from its all-time high and the S&P 500 and Nasdaq more than 29% below their records last month.

Trump judges the Fed "pathetic" and "slow"

 Trump judges the Fed USA-TRUMP-FED: Trump judges the Fed "pathetic" and "slow" © Reuters / JONATHAN ERNST TRUMP judges THE FED "PATHETIC" AND "SLOW" WASHINGTON (Reuters) - Donald Trump again criticized the Federal Reserve and its president, Jerome Powell, on Tuesday, saying that the central bank was "slow" and "pathetic" when it said it should reduce interest rates to the level from those of "competing countries".

Coronavirus fears send Dow plunging nearly 1,200 points . While Trump acknowledged that markets had fallen this week because of coronavirus fears, he said Wednesday that he Former Federal Reserve Chair Janet Yellen said Wednesday the virus could push the U.S. into a recession.

When prompted, click "Allow" you can always change your mind later. NYC public schools to close beginning Monday, Mayor de Blasio says . Dow surges 9% adding nearly 2000 points as The three major indices rapidly cut gains in the minutes after President Donald Trump announced a news

Trading was halted for 15 minutes shortly after the open as a then-8.14% drop on the S&P 500 triggered a so-called circuit breaker. It was the third time in the last week a circuit breaker was triggered.

Before the open, futures contracts tied to the major averages hit their “limit down” levels, meaning they could not trade below that threshold.

Those limits — along with the regular session’s circuit breakers — are imposed by the exchanges to maintain orderly market behaviour.

While the central bank’s actions may help ease the functioning of markets, many investors said they would ultimately want to see coronavirus cases peaking and falling in the U.S. before it was safe to take on risk and buy equities again.

“The Fed blasted its monetary bazooka for sure,” said Peter Boockvar, an investment officer at Bleakley Advisory Group. “This better work because I don’t know what they have left and no amount of money raining from the sky will cure this virus. Only time and medicine will.”

Wall Street suffers again as coronavirus crisis and Donald Trump travel ban cause shares to plunge

  Wall Street suffers again as coronavirus crisis and Donald Trump travel ban cause shares to plunge The Dow Jones has seen its worst single-day drop since the Black Monday crash 32 years ago, after an early trading halt.The Dow Jones fell 2,353 points to 21,201 points, making it the worst single-day drop since the Black Monday crash 32 years ago.

The Dow Jones plummeted 3 , 000 points on Monday, or 13 per cent, reflecting the market's worst one-day point drop Related video: President Trump says "we're doing really, really well" at coronavirus press Recession fears grip US as president claims market will 'be very strong' if virus contained.

The Dow has now lost more than 3 , 000 points this week, or 10 percent, including a decline of 1,031 While Trump acknowledged that markets had fallen this week because of coronavirus fears Former Federal Reserve Chair Janet Yellen said Wednesday the virus could push the U.S. into a recession.

The Fed’s move, in tandem with headlines suggesting the White House is preparing a tax break for consumers and a bailout for the airline's industry, made some investors more optimistic on the market.

“This entire market would turn around in one second if the government came out and said, we’re going to provide business interruption insurance to companies that lose money in the second quarter if they don’t fire any workers,” Ricky Sandler, Eminence Capital CEO, told CNBC’s, Scott Wapner.

Fed announces QE

On Sunday, the Fed cut interest rates down to basically zero, their lowest level since 2015 and launched a massive $700 billion quantitative easing program. Trump said he was “very happy” with the announcement, adding: “I think that people in the markets should be very thrilled.”

“This, coupled with an important fiscal package, should help cushion the economic downside from the virus’ effect on economic activity,” said Quincy Krosby, a market strategist at Prudential Financial. “It’s going to be positive, but the market is at the mercy of the virus and at the mercy of whether the containment policies work.”

Coronavirus: Trump suspends all trips from Europe for 30 days

 Coronavirus: Trump suspends all trips from Europe for 30 days © Doug Mills Donald Trump speaks on the coronavirus epidemic from the Oval Office, March 11, 2020 US President Donald Trump announced Wednesday suspension for 30 days of all trips from Europe to the United States in order to stem the epidemic of new coronavirus which has once again distressed the financial markets.

Yet the newest talking points , pushed by Democrats and media NeverTrumpers alike, would have Americans believe that the virus is not contained, that Trump has gutted the government’s ability to respond to it, and his administration doesn’t know what it’s doing.

MARKET NEWS: Dow futures drop 1,100 points as Trump speech fails to calm investors rattled by coronavirus fears. Could be approaching end of coronavirus market sell-off: Strategist. “With stock prices and valuations still near cycle highs, the risk of a worsening virus outbreak has not been priced

The Fed’s announcement came after it issued another emergency rate cut earlier this month. It also comes on the heels of the market’s biggest one-day gain since 2008, with the major averages all surging more than 9% on Friday.

However, news about the coronavirus outbreak did not help sentiment. U.S. cases have jumped to 3,774 and 69 deaths, according to Johns Hopkins University.

The Centers for Disease Control and Prevention urged organizers to cancel or postpone events with more than 50 people. New York, New Jersey and Connecticut governors banned eating in restaurants and limited events to less than 50 people.

U.S. airlines are seeking $50 billion in government assistance to curb the virus’ blow to the industry. Sen. Mitt Romney, R-UT, proposed Monday sending every U.S. adult $1,000 to ease the financial pain from the virus.

That proposal came after National Economic Council Director Larry Kudlow said the administration “might” provide direct cash assistance to U.S. households. Sen. Chuck Schumer, D-NY, will reportedly propose a stimulus package of at least $750 billion.

“The main problem this time as to other market disruptions is the abrupt closure of economic activity,” said Dan Deming, managing director at KKM Financial. “The speed of the impact to middle America, let alone the global community is relatively unprecedented.”

Coronavirus: Donald Trump announces the suspension of all trips from Europe to the United States

 Coronavirus: Donald Trump announces the suspension of all trips from Europe to the United States The measure, which takes effect Friday at midnight, concerns all passengers for 30 days, but the United Kingdom is spared © Manuel Balce Ceneta / AP / SIPA Faced with the coronavirus, Donald Trump announced the suspension of all trips from Europe, March 11, 2020. PANDEMIA - The measure, which comes into effect Friday at midnight, concerns all passengers for 30 days, but the UK is spared If you plan to go to the United States, you will have to review your plans.

Apple shares plunged by 10%. Bank stocks took a hit, with Bank of America and JPMorgan Chase each dropping more than 13%. Morgan Stanley fell 12.8% while Citigroup dropped 16.5%. The big banks announced Sunday they were halting their buyback programs in an effort to provide capital where needed.

Airline came off their lows after Trump said the administration would “backstop the airlines.” Delta shares traded just 4% lower after falling more than 10%. American Airlines was up more than 10% after plunging earlier in the day.

  Dow plunges nearly 3,000 points as Trump says virus could drag on © Spencer Platt / Getty

The Dow and S&P 500 fell more than 8% last week along with the Nasdaq, tumbling into bear market territory. A bear market is usually defined on Wall Street as a decline of at least 20% from a recent high.

Investors have been dumping equities amid worries the coronavirus will slow economic growth and take a bite out of corporate profits. Economists at JPMorgan see negative growth for the first quarter while Goldman Sachs downgraded its first-quarter growth forecast to flat from 0.7%.

“The rapid spread of COVID-19 across the globe has dramatically heightened investor uncertainty and rocked global financial markets,” strategists at MRB Partners said in a note, adding the situation will “get worse before it gets better.”

“Looking ahead, the number of active cases is likely to worsen in the near run,” they said.

CNBC’s Jeff Cox, Silvia Amaro and Pippa Stevens contributed to this report.

($1=$1.64 Australian dollar)

Coronavirus: Trump resolves to submit to the .
test © JIM WATSON Donald Trump during his press conference on March 14 at the White House After refusing for days to be tested for coronavirus, whose pandemic paralyzes the planet and could affect millions of Americans, President Donald Trump announced on Saturday that he has finally tested himself and await the results.

—   Share news in the SOC. Networks
usr: 2
This is interesting!