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Stocks - Wall Street Plummets at Open as Trump Blast Triggers Panic

Stock MarketsMar 12, 2020 09:34AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets fell further into bear market territory at the open on Thursday, after President Donald Trump failed late on Wednesday to provide a detailed package of economic policy stimulus to address the impact of the spreading coronavirus.

By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 1,729 points or 7.3%. The S&P 500 was down 6.4% and the Nasdaq Composite was down 6.5%.

“The market conclusion would appear to be that the U.S. President’s approach does not represent the clear and coherent economic plan that investors wish to see,” said Paul Donovan, chief economist with UBS Global Wealth Management, in a morning briefing.

Speaking after the market close on Wednesday, Trump had announced a somewhat haphazard cocktail of measures including a ban on foreign nationals arriving from continental Europe, but not from the U.K. and Ireland, a measure that dealt another blow to airline and travel-exposed stocks.

The news also sent U.S. crude oil prices spiralling lower again as markets priced in another big cut to fuel demand from the air and road transportation sectors.

In addition, Trump announced that the April 15 tax deadline would be deferred, giving an effective bridging loan of $200 billion to households and businesses struggling with short-term cash flow issues, but there was no mention of state-subsidized sick pay or of any expansion of testing for the disease within the U.S., despite increasing signs of the virus spreading within the community.

“The further characterization of this as a ‘foreign virus’ seems an unrealistic assessment of the domestic U.S. risks,” Donovan said.

The market was unmoved by the European Central Bank’s decision to increase its quantitative easing program and offer cheap targeted loans to banks for the next year. The ECB kept its key interest rates unchanged.

 

Stocks - Wall Street Plummets at Open as Trump Blast Triggers Panic
 

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Comments (18)
vijay patidar
vijay patidar Mar 12, 2020 12:19PM ET
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Tax cut, packages and stimulus programs announcements raising the panic not any relaxation.... efforts to find vaccine and solve the problem..... we are trying to tighten air in fist
Matt Cavazos
Matt Cavazos Mar 12, 2020 12:16PM ET
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well at least the company's are going to be taken care of.
Kwong To
Kwong To Mar 12, 2020 11:51AM ET
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DT will ***up all things and bring US down with him.
william docauer
william docauer Mar 12, 2020 11:51AM ET
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Trump Derangement Syndrome in high gear. Seek help u need it
Martha Bondsquawker
Martha Bondsquawker Mar 12, 2020 10:31AM ET
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Let us not forget that 45 misstated what little policy he has as well as insurance company policy. Hardly confidence inspiring.
Loan Pham
Loan Pham Mar 12, 2020 10:31AM ET
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always go and blame on the president. He want tax cut be democrat rejected. Even tax cut will not save this economy but will save the market.
ron rivers
ron rivers Mar 12, 2020 9:59AM ET
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The banks know what they are doing in my futures charts it is predictable... dear Banks , i see what you are doing...
Bev Moer
Bev Moer Mar 12, 2020 9:59AM ET
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What do the banks have to do with your EQ trades? Unless you took out a bank loan to go trading with? Or do you mean Central Banks? They have been buying EQ for years to prop up the pension system, but that is already fully priced in, no?
ron rivers
ron rivers Mar 12, 2020 9:59AM ET
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My charts are so predictable to the second, making a ***..but on the backs of hard working americans...
ron rivers
ron rivers Mar 12, 2020 9:56AM ET
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The Banks need to step up to the table, offer a 90 day deferrment on mortgages and possible credit card payments. Credit reporting agencies deferr any late or missed payments for 90 days.Cuts to the core in helping the people...
Bullish Bear
Bullish Bear Mar 12, 2020 9:56AM ET
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Banks cant save this
Haz Matt
Haz Matt Mar 12, 2020 9:56AM ET
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the banks are at the root of this and we all know it. they will do nothing but try to cover themselves in a crisis. we have seen this before...many times.
jose cruz
jose cruz Mar 12, 2020 9:55AM ET
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one of the things that confused me was that travel is still ok from UK and Ireland but no where else... "...President Donald Trump imposed a 30-day ban on arrivals of people from most of Europe in an effort to stop the spread of what he called a “foreign virus” through the U.S. For reasons he didn't explain, the measures exempt the U.K. and Ireland, both of which are already reporting sharp increases in confirmed cases...."
David Coxill
David Coxill Mar 12, 2020 9:55AM ET
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Because the Donald is a sodding *******
Ronald Page
Ronald Page Mar 12, 2020 9:55AM ET
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His Club in Ireland
Clyde Hall
Clyde Hall Mar 12, 2020 9:53AM ET
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fake news is spreading this cold.
Haz Matt
Haz Matt Mar 12, 2020 9:53AM ET
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yeah totally. everything is fine...
Joseph Sherwood
Joseph Sherwood Mar 12, 2020 9:52AM ET
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Fake news. Trump doesn't approve stimulus packages Congress does. Oh well though anything to lie on it being Trump's fault.
Mike Roland
Mike Roland Mar 12, 2020 9:52AM ET
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denier
Mike Roland
Mike Roland Mar 12, 2020 9:52AM ET
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sounded trollish on your behalf
Haz Matt
Haz Matt Mar 12, 2020 9:52AM ET
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Trump is a stable genius after all!
Co Gonz
Co Gonz Mar 12, 2020 9:51AM ET
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now can't fly to Europe.. people are realizing you may not travel anywhere soon. private markets doing well though..
Eulon Purvis
Eulon Purvis Mar 12, 2020 9:49AM ET
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Praise the Lord for market timing.  There is a time and season for all things.  Also I think alternative health folks trained in NAET can muscle test to see if someone has the virus and can treat it in a few minutes.
ron rivers
ron rivers Mar 12, 2020 9:49AM ET
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The Banks need to step up to the table, offer a 90 day deferrment on mortgages and possible credit card payments. Credit reporting agencies deferr any late or missed payments for 90 days.Cuts to the core in helping the people...
Kevin Thomas
Kevin Thomas Mar 12, 2020 9:48AM ET
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Maybe Trump saying,"this virus doesnt stand a chance against us!" made people realize hes over his head...
Justin General
Justin General Mar 12, 2020 9:47AM ET
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I knew after the market bottomed in 2009 that the Dow would hit 20,000!
Patron Silver
Patron Silver Mar 12, 2020 9:43AM ET
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let me guess wall street is now part of the radical left and is treating dumptruck donny unfairly
Jeep Calvert
Jeep Calvert Mar 12, 2020 9:43AM ET
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no wall street is full of panicked people that need to calm down!
Chris Pu
Chris Pu Mar 12, 2020 9:42AM ET
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Why is anyone surprised that a Braggart Sexual Predator who has bankrupted multiple business doesn’t know how to run an economy?
ron rivers
ron rivers Mar 12, 2020 9:42AM ET
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I characterize The President as a typical new yorker...but i support him, i see throught the bavardo.
John Murphy
John Murphy Mar 12, 2020 9:42AM ET
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What mental challenged liberal wrote this article?
Richard Rucker
Richard Rucker Mar 12, 2020 9:42AM ET
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this is an investment forum leave your politics to Facebook Boomer
Kevin Thomas
Kevin Thomas Mar 12, 2020 9:42AM ET
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Paul Donovan. Chief economist for UBS Global Wealth - “The market conclusion would appear to be that the U.S. President’s approach does not represent the clear and coherent economic plan that investors wish to see,”
John Richardson
John Richardson Mar 12, 2020 9:42AM ET
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i think what the market wants to hear and what is best for citizens is not the same thing.
Stacy Starner
Stacy Starner Mar 12, 2020 9:38AM ET
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Hey hear me out. If we’re canceling all these events we’ll don’t look like we will have voters voting because remember no gathering of a bunch people therefore the voting is off and trump remains president. Watch how fast this corona ********is gone
isaiah reuben
isaiah reuben Mar 12, 2020 9:38AM ET
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🤔🤔 ******you're right
Luis Garcia
Luis Garcia Mar 12, 2020 9:38AM ET
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I agree
Richard Rucker
Richard Rucker Mar 12, 2020 9:38AM ET
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go peddle your pea-brain conspiracy somewhere else this is for investing
Allen Bond
Allen Bond Mar 12, 2020 9:38AM ET
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Ummm, Huh??
Lisa Klenzak
Lisa Klenzak Mar 12, 2020 9:38AM ET
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There's a thing called ABSENTEE BALLOT
 
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