Stocks cratered to a 17-year low despite the $1 trillion deficit. The old tricks aren’t working.
U.S. equity markets plunged in the opening minutes of trading, gutting a rebound on Monday.
The Dow Jones Industrial Average fell 1,268 points, or 5.9 percent, while the S&P 500 and Nasdaq Composite were lower by 5.4 percent and 5.5 percent, respectively. Trading is halted if the S&P 500 falls by 7 percent.
The early selling comes as the Trump administration and Congress hammer out the details of a $1 trillion stimulus package.
-
Christian Gold Company Defies Industry’s Retirement Fearmongering Through Prayer and Biblical Hope
Boeing shares were rocked as the company called for a $60 billion bailout for aerospace manufacturers.
Airlines, restaurants, hotels and casino operators remained under pressure as the Trump administration weighs assistance for the industries hit hardest by the pandemic.
Meanwhile, plunging oil prices hammered energy giants ExxonMobil and Chevron and weighed heavily on Hess Corp. and Continental Resources. West Texas Intermediate crude oil was down 8.1 percent at $25.10 a barrel, its lowest in 17 years.
Russia and Saudi Arabia decided this was the time to start an oil war to destroy U.S. shale.
Elsewhere, the yield curve steepened as buyers crowded into shorter-dated Treasurys and sold longer ones. The yield on the 2-year note was down 4.1 basis points at 0.42 percent while the yield on the 10-year note was up 7.1 basis points at 1.067 percent.
The steeper curve was unable to give relief to banks, which continued to see their share prices sink.
Few winners in this market.
wpDiscuz
