Wall Street Loses Investors Trust after Trump’s Broken Promises

Wall Street Loses Investors Trust after Trump's Broken Promises

 

Trump’s Broken Promises

Stocks are falling sharply on Wall Street in early trading as fears spread that the coronavirus is causing a global recession. The Dow Jones industrials fell 1,100 points, or 5%, in the first few minutes of trading Wednesday. European markets are also down a similar amount and the price of crude oil dropped 10% to its lowest level in 17 years as traders anticipate a sharp pullback in demand for energy. The sharp market swings came despite promises from President Donald Trump to prop up the U.S. economy with a package worth as much as $1 trillion.

Global stock markets sank Wednesday in the third day of wild price swings after President Donald Trump and other world leaders promised aid to get their economies through the coronavirus outbreak.

European markets were down about 5% after broad losses across Asia, while trading in Wall Street futures was suspended once again as losses hit the maximum 5% limit.

The White House proposal could approach $1 trillion in spending to ward off the pressure of business closures to contain the virus. The Federal Reserve has announced more measures to keep financial markets operating. Treasury Secretary Steven Mnuchin said Trump wants to send checks to Americans in the next two weeks to help support them while more parts of the economy come closer to shutting down. Full Story

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