The 1,861 point loss equates to 6.9 percent. Reports of surging coronavirus cases in states that have reopened fueled the sell-off. (Las Vegas Review-Journal)
U.S. crude prices reached their lowest level on record, with West Texas Intermediate crude dropping to minus $37.63 a barrel on April 20. (Las Vegas Review-Journal)
The Federal Reserve announced several new measures on Monday. Among the announced programs
is a further commitment of $300 billion “supporting the flow of credit” for Main Street businesses. (Las Vegas Review-Journal)
Stock Market’s 11-Year Bull Market, Ends on Coronavirus Upheaval.
The Dow Jones closed on
Wednesday on a near six percent decline.
Since the peak on
Wall Street a few weeks ago,
the Dow is down 20 percent.
Fears of a global recession intensified
as the World Health Organization
declared COVID-19 a pandemic
on Wednesday.
Before the outbreak intensified
just weeks ago, few economists
considered a recession remotely plausible.
Analysts were quick to
point to lawmakers and
the Trump administration.
If the Trump administration and Congress can’t get it together quickly and put together a sizable and responsible package, then a recession seems like a real possibility here, Mark Zandi, Moody’s, ‘The New York Times’.
The virus is beatable, but the measures that are required to beat it are economy killers, Ian Shepherdson, ‘The New York Times’.
While most agree that slowing
the rapid spread of COVID-19 is
the definite first priority.
economists say that
targeted industry stimulus
might prevent layoffs.
Cash payments might allow
hourly wager earners to keep spending
even if their hours are cut.
According to economists,
theses strategies could help
stave off a recession
Coronavirus fears continue to compound along with the number of international cases of the illness. On Friday, Global markets continued their dive, with the main European markets losing between 2 and 3 percent. (Las Vegas Review-Journal)