Stock market crashes as Donald Trump’s fix fails. What does this mean for the Trump administration? John Iadarola breaks it down on The Damage Report. Follow The Damage Report on Facebook: https://www.facebook.com/TheDamageReportTYT/
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Read more here: https://www.npr.org/2020/03/16/816382835/stocks-shudder-despite-emergency-measures
"U.S. stock indexes fell sharply Monday after the Federal Reserve aggressively cut interest rates to near zero in a bid to stop the economy from crashing. The Dow Jones Industrial Average was down about 1,800 points, or nearly 8%, as coronavirus measures rapidly expanded.
The S&P 500 index fell nearly 11% after temporary trading halts were lifted on the New York Stock Exchange, but later recovered somewhat to a drop of about 7%.
A 7% drop in the S&P 500 automatically forces trading to stop for 15 minutes, which has happened three times in the past week.
Earlier in the morning, the Dow dove more than 2,700 points, or nearly 12%. The plunge wiped out Friday’s nearly 2,000-point gain in the Dow.
The drops on Wall Street follow steep falls in Europe, where stock indexes were down as much as 11% Monday.
Oil prices fell 5% to about $30 per barrel. They’re down 50% so far this year."
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