BREAKING: Trading suspended as markets suffer huge losses after Trump coronavirus speech
US markets have crashed again in the wake of Donald Trump’s speech banning travel between America and Europe
The Dow Jones industrial index of America’s 30 biggest publicly listed companies opened 1,741 points down on Thursday to 21,812 points – a drop equivalent to almost 7.5% of the index’s total value. It dropped so rapidly that an automatic ‘circuit breaker’ was deployed for the second time this week. That mechanism automatically halts trading for 15 minutes in a bid to stablize the markets.America’s larger Standard & Poor’s index of 500 companies lost 6.5% of its value, while the Nasdaq index slumped by 6.55%. Wall Street is experiencing its worst week of trading since the 2008 financial crisis that sparked a global recession.
He said: ‘The coronavirus pandemic has taken the stock market into bear market territory and further declines are in the offing as the U.S. effectively hits the “Pause” button on the economy in an effort to curtail spread of the virus.The slump came hours after President Trump’s White House speech which saw him announce a 30 day ban on all travel between the US and Europe, except for flights to and from the UK and Ireland.
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