Update: It is in the plus column at 10:14.
Stocks are crashing on the open are heading for another 15-minute break. At 9:43, the Dow was at -704, showing a steady and precipitous decline.
The coronavirus is only one factor in the stock market crash. The other factor is the oil war. Saudi Arabia and Russia want the U.S. shale to bottom out. Gasoline in one station in Kentucky today was 19 cents. The media doesn’t talk about it because coronavirus takes their anti-Trump narrative further and they don’t really hate Russia.
There was a surge of 70,000 unemployment applications last week and that’s only the beginning of the fallout. The number jumped to 281,000 by March 14. But, as fast as it crashed, it can come back once the virus is gone and the oil war implodes.
Treasury Secretary Steve Mnuchin says $1,000 checks will go out to most adult Americans within three weeks to help offset costs due to the pandemic and consequent shutdowns.
Uncle Sam giving Americans checks is unheard of! The people who don’t get them will complain.
This pandemic will ease off. It’s not going to destroy us unless we let it.
“We’re going to get out of this quickly,” Mnuchin told FOX Business’ Maria Bartiromo.
The White House and Congress have so far passed two stimulus packages, including $8.3 billion in funding for prevention efforts, research, and pork. A third trillion dollar package is in development. This increase in debt and quantitative easing are hurting the markets and it will kill our economy if we don’t start getting spending under control.
Stock futures pointed to more losses with it going under 20,000. It’s down across the board on the open.
This is how it looked at 9:36 (at 9:40, the Dow was at -571):
This is how it looks at 10:14: