By: BWST Staff
Published: March 12, 2020
Just 60 minutes into the trading day, the Dow Jones Industrial Average was already in an apparent free fall for the second day in a row, triggering an automatic halt to trading.
Hours after President Trump addressed the nation from the Oval Office to announce his economic response to the crisis faced because of the COVID-19 coronavirus, the market had already posted a 2000 point (8.6%) drop.
Trump’s plan to combat the economic affects of the virus included low-interest loans for small businesses, deferring payroll tax payments by three months and providing unspecified support for hourly workers and small businesses directly affected by COVID-19.
These announcements come as GOP leaders blocked efforts by Democrats in the Senate to enact a national paid-leave policy, providing guaranteed income to any individuals affected by the virus in order to shore up economic stability.
The President’s plan did little to calm worries of investors, however.
Beginning tomorrow, travel and transport of goods between the US and mainland Europe will be halted for a period of 30 days, fueling further worries of a prolonged downturn.
The President stated he will begin to take emergency action to enact some of his economic plans this week, and urged congress to work swiftly in the coming days to pass legislation aimed at providing relief to Americans as the virus continues to spread.