The Dow Jones Industrial Average fell by 2,000 points Thursday morning after President Donald Trump’s long-awaited response to the coronavirus epidemic triggered a massive sell-off on Wall Street.
The S&P 500 plunged by 7 percent, triggering a circuit breaker, which halts all trading on the New York Stock Exchange for 15 minutes.
All three major averages sank after Trump’s Oval Office address Wednesday night failed to satisfy traders who were hoping for more concrete steps to allay any economic slowdown from the viral outbreak.
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This is now the worst week for markets since the 2008 financial crisis, with trading halted twice on Thursday morning. The first time came after all three major averages sank below the 5 percent "limit down" marker in premarket activity.
In his address from the Oval Office, Trump announced he would be "suspending all travel from Europe to the U.S. for the next 30 days" in an effort to limit the spread of the coronavirus. That created immediate panic as Americans abroad rushed to buy last-minute tickets home, and also fueled trader concern that suspended travel and trade between the U.S. and the European Union would come at a steep economic cost.
Travel stocks continued their double digit plunge, with airlines and hotels hardest hit.
Markets were also underwhelmed by Trump's economic stimulus package, which offers emergency loans to small businesses, deferred tax payments for some people, but made no specific mention of paid sick leave or free testing for the coronavirus, which continues its spread across the U.S.
Investors had been anticipating precise details about the "major steps" and "very substantial" tax cut Trump announced earlier in the week, when he met with lawmakers to discuss a response.
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It's the second time this week that markets have suspended trading: The S&P 500 hit the threshold on Monday morning after an oil production spat between Russia and Saudi Arabia pushed the price of oil down by 30 percent overnight, the biggest drop since the Gulf War, in 1991.
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March 12, 2020 at 10:25PM
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Dow plummets, trading briefly suspended after Trump's coronavirus response sparks market sell-off - NBCNews.com
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