COVID-19 gives stocks motion sickness
by Rachel Lynn Aldrich
Posted 3/17/20, 11:19 am
The U.S. stock market saw its worst loss in more than three decades on Monday. The Dow Jones Industrial Average fell by nearly 3,000 points after President Donald Trump said a recession may be on the way. But the markets remain volatile: The Dow opened higher on Tuesday, fell by about 600 points, and then evened out to its Monday closing level again—all in the first hour or so of trading.
What’s the outlook? The Trump administration is expected to propose an $850 billion stimulus package to prop up the economy with aid for businesses and a tax break for wage earners. U.S. Treasury Secretary Steven Mnuchin will likely outline the plan to Senate Republicans during a private lunch on Tuesday.
Dig deeper: Read Marvin Olasky’s take on Americans’ creative responses to the COVID-19 outbreak.
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