The Dow opened down more than 1,600 points, triggering an automatic stop to trading for the second time in as many weeks.
Donald Trump attempted to mitigate investors’ fears about the novel coronavirus and stop the stock market slide with an address to the nation Wednesday night.
However, following the address — in which he announced a travel ban for most of Europe, getting facts about his own administration’s policy wrong in the process — the market slid more.
The Dow Jones Industrial Average opened down 1,696 points — erasing another 7% from the market, according to trading data. It triggered yet another automatic stop to trading for the second time in two weeks.Advertisement
The S&P 500 — a leading economic indicator that tracks the performance of the top 500 public companies — also slid 7% when markets opened, trading data show.
This comes a day after the Dow slid into a “bear market,” a trading term for when stock prices fall 20% from a recent high, according to Investopedia.
Global stock markets are faring equally poorly.
Trump has tried to downplay the impacts of COVID-19 disease as he fears a falling economy could imperil his reelection chances.
His administration, as well as some GOP lawmakers, have claimed that the media is overplaying the virus in order to hurt Trump’s chances in November.
It’s a baseless claim, as public health experts have issued dire warnings about how a failure to stop the spread of COVID-19 disease could completely overwhelm the United States health care system. They’ve recommended canceling large-scale events in order to flatten the curve — or stop the rapid increase in cases so as not to swamp hospitals and doctors offices.
As stocks began to tumble in late February, Trump said the market is “starting to look very good to me!”
The market has only fallen since then.
Published with permission of The American Independent Foundation.
Politics
How to apply for a job in the American Climate Corps
The Biden administration announced its plans to expand its New Deal-style American Climate Corps (ACC) green jobs training program last week. ...
AG Mayes says earliest day Arizona’s 1864 abortion ban can be enforced is June 27
Arizona Attorney General Kris Mayes says the earliest day the state’s 1864 abortion ban can be enforced is June 27. The Arizona Supreme Court on...
Local News
How to apply for a job in the American Climate Corps
The Biden administration announced its plans to expand its New Deal-style American Climate Corps (ACC) green jobs training program last week. ...
Basha’s sisters Gabriella and JJ Garcia share unique bond through sports
Sisters Gabriella and JJ Garcia are outstanding athletes at Basha High in Chandler who share a strong bond of friendship and inspiration. CHANDLER –...