CNBC: S&P 500 drops 7%, triggering NYSE ‘circuit breaker’ trading halt for 15 minutes
U.S. stocks fell sharply once again on Thursday after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus.
The S&P 500 dropped 7% shortly after the open, triggering a 15-minute “circuit breaker,” which temporarily halts trading at the New York Stock Exchange. The broad index also joined the Dow Jones Industrial Average in bear market territory. The 30-stock Dow slid more than 1,600 points, or 7.%. The Nasdaq Composite dropped 7%.
Before the open, futures contracts tied to the major indexes fell to their so-called limit down thresholds, sliding 5%. These limit down levels act as a as a floor for selling until regular trading begins.
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WNU Editor: It is going to be a rough day. Investors are now realizing that this pandemic is going to get worse. A lot of people are going to get sick. And it is going to take a long time for the global economy to recover. It is also safe to assume that global GDP projections can now been thrown out of the window.
7 comments:
Complimentary Chinese bioweapon. Xi seemingly all, but admitting it.
The financial markets have plunged into a 2008-style crash, auguring a recession, perhaps a severe one. The Trump administration has had almost two months to think about this crisis. It has trial-ballooned some ideas. But, of course, fiscal policy would require assent from the House of Representatives. Trump is still pouting at Speaker Nancy Pelosi. So—aside from some preposterously unconvincing happy talk about the economy—again: nothing.
Thomas Levenson: Conservatives try to rebrand the coronavirus
There was one something in the speech: a ban on travel from Europe, but not the United Kingdom. It’s a classic Trump formulation. It seeks to protect America by erecting a wall against the world, without thinking very hard how or whether the wall can work. The disease is already here. The numbers only look low because of our prior failure to provide adequate testing. They will not look low even four days from now. And those infected with the virus can travel from other countries and on other routes. Trump himself has already met some.
The travel ban is an act of panic. Financial futures began crashing even as Trump was talking, perhaps shocked by his lack of an economic plan, perhaps aghast at his latest attack on world trade. (The speech seemed to suggest an embargo on European-sourced cargo as well, but that looks more like a mental lapse of Trump’s than a real policy announcement. The ban on cargo was retracted by a post-speech tweet, although the ban remains in the posted transcript of the speech.) Among other things, the ban represents one more refutation by Trump of any idea of collective security against collective threats. While China offers medical assistance to Italy, he wants to sever ties to former friends—isolating America and abandoning the world.
This crisis is not of Trump’s making. What he is responsible for is his failure to respond promptly, and then his perverse and counterproductive choice of how to respond when action could be avoided no longer.
Last anon. Stop being a partisan hack. No one likes those people - especially in a time of crisis.
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» Extend timeline
15 minutes, not 15 days
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.
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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.
Donald Trump has basically nothing under control, and likely not even himself. Many of his moves, dictates have set the country up for disaster. For many, that has been obvious and for around 3 years.
As for the Virus issues, he could have looked really good. He could have at least portrayed a President for all the people.
He could have shown sympathy, even if he didn't believe the virus was serious. History shows that such recurring events have had very serious, life and death levels of serious, for many all over the world, including the USA.
He could have forgone the elimination of the response capability, something that history has shown would be absolutely needed as viruses like this do ravage the world, from time to time. His proposed attacks on the country's healthcare system generally suggests a very destructive pattern.
Even as the crises was mounting he could have gotten onside with experts rather than try to force his will on people who know what can happen.
At this point an honest man would bow out given this major failure to address the Virus issue long ago.
But, for whatever reason he is basically an enemy of the American people, even those who voted him. That he is even considering running for re-election, which he will likely win, given the almost religious affection some people have is beyond belief.
This, the man the Republicans gave a pass to on impeachment, some in stated violation of their oaths, Roberts notwithstanding.
Shucks, he can't even speak coherently.
Biden won't beat him in the upcoming election and if the Republicans accept their part in the fiasco, don't find someone to oppose him for the nomination, or, simply get him out of the running, they will lose whatever credibility they may still have and show the country and the world their complete and utter lack of integrity.
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