Wall Street stocks had their worst day since 1987. FMTNews
NEW YORK: Wall Street stocks had their worst day since 1987 on Monday, joining the global market carnage as the coronavirus outbreak shut down a widening part of the US and global economy.The broad-based S&P 500 dove 12% to 2,386.13, while the tech-rich Nasdaq Composite Index shed 12.3% to 6,904.59.
President Donald Trump, for the first time, said the US economy “maybe” heading into a recession, acknowledging an outcome that an increasing number of economists are expecting.“The market will be very strong as soon as we get rid of the virus.” “There is a pyramid of uncertainty,” said Quincy Krosby, chief market strategist for Prudential Financial.Boeing, encumbered by the crises over the grounding of the 737 MAX and a major slowdown in air travel, led the Dow lower, shedding a whopping 23.8%.
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