Stocks are sinking again, wiping out most of a huge rally from a day earlier as Wall Street continues to reel from worries about the coronavirus. Investors are still waiting for details promised by President Trump on potential aid for the economy.
FILE - In this Monday, March 9, 2020 file photo, people stop to look at the New York Stock Exchange. Stocks are opening sharply lower on Wall Street Wednesday as fears of economic fallout from the coronavirus outbreak grip markets again.
Stocks fell from the opening of trading in New York, including a 3.6% fall for the S&P 500, and the Dow Jones Industrial Average suffered yet another 1,000 point drop before recouping some of its losses. Perhaps the best gauge of confidence in the economy on Wall Street recently, Treasury yields, also pulled back.
On the supply side, the worst-case scenario has companies with less things to sell as factories shut down and arenas dim the lights because workers are out on quarantine. On the demand side, companies see fewer customers because people are huddling at home instead of taking trips or going to restaurants.
Italy’s government announced $28 billion in financial support for health care, the labor market and families and businesses that face a cash crunch due to the country’s nationwide lock down on travel.
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