Trump administration officials on Sunday tried to calm market panic that the cor...
WASHINGTON - Trump administration officials on Sunday tried to calm market panic that the coronavirus could cause a global recession, saying the public had over-reacted and that stocks would bounce back due to the underlying strength of the U.S. economy.
The S&P 500 index dropped 11.5% last week as the novel flu-like virus accelerated beyond China’s borders, the worst weekly drop since the 2008 global financial crisis. “The fundamentals of this economy are strong. We just saw some new numbers come out in housing and consumer confidence and business optimism. Unemployment is at a 50-year low. More Americans working than ever before,” he said.
U.S. Health Secretary Alex Azar told Fox News Sunday that the public was over-reacting to the current threat.
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