Press "Enter" to skip to content

Dow gyrates after worst day since 1987


U.S. stocks gave up early gains Tuesday even after the Trump administration said it planned financial support for an airline industry devastated by a drop in travel caused by the coronavirus pandemic. 

The declines follow the market’s worst sell-off in more than three decades on Monday.

The Dow Jones industrial average slumped 230 points, after climbing more than 400 points following the opening bell. The Standard & Poor’s 500 dipped 0.4% after initially rising more than 2%. Both averages had their worst day since the “Black Monday” stock market crash of 1987 the prior day. 

Monday’s 12% drop for the S&P 500 came as voices from Wall Street and the White House warned the coronavirus may drag the economy into a recession.

Stock futures stabilized Monday evening following news that the Trump administration plans financial support for airlines stricken by the outbreak and is pushing the Senate to enact a massive stimulus package to alleviate losses for businesses and individuals affected by the outbreak, which has infected more than 182,000 people worldwide, 4,661 in the United States.



Source link

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *