JUST IN: Dow Jones closes down more than 1,300 points in another day of massive volatility over the novel coronavirus crisis.
3 min readThe president, one day after recommending new health and social guidelines, proposed ways to deal with the growing economic harm the crisis is having on businesses and Americans workers.
The Dow Jones Industrial Average tumbled Wednesday, closing down by more than 1,300 points or 6.28%, in another day of massive volatility over theTrading was briefly halted just before 1 p.m. after the S&P 500 dipped below the 7% threshold. "I think what we’re seeing today and in recent weeks is a market that has nothing to ... steady it. The economic data won’t show anything positive for quite a while and markets can’t really give any credible outlook on earnings right now," Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, told ABC News.
"While the markets may bounce on news of new stimulus like it did yesterday, it's unlikely to bottom until we see that peak in new virus cases, so we just don’t know when that will be," Kleintop noted.But when the"shock begins to recede, growth should come back fairly quickly," he said. The Dow at one point was trading at the same level when President Donald Trump took office in January 2017.Traders work at the New York Stock Exchange, March 18, 2020.
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