Stocks suffer worst plunge since 1987 as Fed fails to ease virus fears
Stocks plummeted once again Thursday after President Donald Trump and the Federal Reserve failed to quell concerns over the possible economic slowdown stemming from the coronavirus, leading to historic moves in U.S. markets.
The Dow Jones Industrial Average closed down 2,352 points, or 10%. The index had its worst drop since the 1987 Black Monday market crash, when it collapsed by more than 22%.The S&P 500 plummeted 9.5%, joining the Dow in a bear market. The S&P 500 also hat its worst day since 1987. The Nasdaq closed 9.4% lower.
“The coronavirus is scary and people don’t know what to expect,” said Kathy Entwistle, a senior vice president of wealth management at UBS. “It’s like the tsunami is coming. We know it’s going to hit any day and nobody knows what the outcome is going to be.
The major averages got a brief respite after the Fed announced it will ramp up its overnight funding operations to more than $500 billion on Thursday. It will then offer more repo operations totaling $1 trillion on Friday. The Fed also expanded the types of securities it would purchase with reserves.
https://www.msn.com/en-us/money/markets/stocks-plummet-again-after-trump-fails-to-quell-virus-fears/ar-BB112FMf?li=BBnb7Kz
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