By: BWST Staff
Published: March 11, 2020
Stocks on Wall Street plummeted again today as fears continue to spread about the COVID-19 Coronavirus pandemic.
The Dow ended the day with a loss of more than 1400 points (5%), officially pushing the market into what is known as a “Bear Market”.
The economy enters a bear market (often seen as a sign of a coming economic downturn) if it falls 20% or more within a single year. After today’s losses, the Dow hit that threshold in just three weeks.
On Monday, after the largest point drop in history, President Trump announced a series of measures aimed at calming concerns of economic loss, including payroll tax cuts. Stocks rebounded briefly Tuesday, but today’s downturn made those small gains nearly obsolete.
Many experts have noted that these measures would provide little if any cushion for workers who lose income during the pandemic and Senate Democrats today called for paid leave for all workers who face reduced hours as the virus continues to spread.
President Trump stated Monday at a press conference that the American economy was the strongest it has every been.
He has not commented or Tweeted at the time of this article regarding today’s events.